Oil and Gas

In fact, Egypt is among the top ten oil producing countries on the African continent for the year 2022. Egypt produces about 650,000 barrels per day, ranks fifth, and has the largest crude oil refining capacity in Africa. With the increase in demand from European markets, Egypt is looking forward to improving exploration, with a particular focus on drilling new wells.

· Egypt possesses a key role in regional and global energy markets. This is most likely attributed to its geographical proximity and strategic location at the crossroad of international trade of oil and gas, in addition to the control of two major transit routes: the Suez Canal and the Suez-Mediterranean Pipeline (SUMED).

·Egypt's power Strategic plan depends on the diversification and expansion of energy resources and rational use of conventional energy resources. 

 ·Oil and Gas is one of the most dynamic industries in Egypt, and hydrocarbon production is by far the largest single industrial activity in the country.

Egypt has significant energy resources, both in traditional fossil fuels and in renewable energy. Egypt's proven hydrocarbon reserves stood at 3.3 billion barrels of oil and 62.8 trillion cubic feet (tcf) of natural gas at the end of 2017.

The Government of Egypt encourages international oil companies (IOC) to participate in the oil and gas sector, and currently more than fifty IOCs are operating in Egypt.

· Egypt plays a vital role in international energy markets through the operations of the two Suez Canal transit points and the Suez-Mediterranean (SUMED) pipeline.

 Expanded in 2015, the Suez Canal is an important transit route for oil and liquefied natural gas (LNG) shipments travelling southbound from North Africa and along the Mediterranean Sea to Asia.

Fees collected from the operation of these two transit points are significant sources of revenue for the Egyptian government. 

[i] Ministry of Petroleum  www.petroleum.gov.eg

[ii] Egypt natural gas EGAS, http://www.egas.com.eg