Upstream Business Overview

  • Egypt is a mature oil and gas country that has been exploring and producing since 1886
  • Egypt's recent economic reforms has gained the international recognition, and a great deal of that is due to the sizeable achievements and the potential inherent in the country's petroleum sector.
  • Egypt offers a full range of investment opportunities, and as a result boasts the most diverse corporate landscape in North Africa, with independents, small and large capital companies and majors fully represented.
  • With relatively low costs and established infrastructure, Egypt continues to attract explorers, and the country's regular licensing rounds are always well attended.
  • The country has made significant steps to pay down debts to IOCs and encourage upstream investment. ( IOC's arrears dropped from 6.3 Billion $ to 0.8 Billion $ by 2019)
  • A slew of recent discoveries, including the giant offshore Zohr gas field (a new play opening find with an estimated 30 TCF) have highlighted Egypt's potential
  • With a fast track development, Zohr allows Egypt to return to a period of energy self sufficiency since 3rd quarter 2018.