Sunday, December 10, 2023 12:02 AM
Great efforts are being made by Egypt to become a regional center for the trade and circulation of oil and natural gas. It has worked to achieve optimal economic benefit from all available natural resources and capabilities, diversify energy sources, and work to modify the energy mix, as well as attract more investments by developing bidding systems in the field of research and exploration.
The state developed an integrated strategy from several axes with regard to petroleum and natural gas, which included signing petroleum agreements with international companies for cooperation in the field of research and exploration in all regions of the Republic and developing bidding systems in the field of research and exploration.
The state’s efforts resulted in the signing of 120 new agreements with international companies, with a minimum investment of about $22 billion, to drill 452 wells during the period from (2014-2022) and achieve 448 discoveries (315) oil and 133 (gas).
An ambitious plan was launched to accelerate field development projects to increase crude oil production rates and increase natural gas production to support national energy security in Egypt, achieve self-sufficiency, and return to export, which led to a boom in natural gas production in recent years thanks to the discoveries of new gas fields, which contributed to strengthening Egypt’s position. On the world energy map.
2023-12-09 22:02:00
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