Egypt to boost gas and oil output
Egypt has launched a global bidding round for oil and gas exploration in 14 new areas, aiming to increase its natural gas production by between 23% and 29%, and to boost crude oil output by 18%. The announced regions include offshore and onshore sectors in the Mediterranean Sea, the Delta, North Sinai, the Gulf of Suez, and the Western Desert. The discoveries are expected to potentially hold reserves ranging from 500 billion to 3.5 trillion cubic feet of gas per field, and 80 to 100 million barrels of oil in the onshore areas. Egypt anticipates actual production to begin between 2029 and 2032, with initial investments ranging from $1 billion to $1.5 billion, which could exceed $4 billion if the discoveries lead to extensive development projects. The government’s goal is to enhance energy independence and reduce reliance on imports through this initiative.
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