Business · Energy & Commodities · 22 hrs ago
Egypt Targets Higher Oil and Gas Output by 2027
Egypt is trying to revive its oil and gas sector, which has seen production fall in recent years.
The government aims for capacity of 6.6 billion cubic feet a day by 2027.
Ageing offshore fields, including the giant Zohr gas field, have contributed to the decline.
Egypt wants more investment to develop new discoveries and connect them to existing infrastructure to reduce costs and speed up projects.
The government is seeking greater involvement from international energy companies, and Italy’s Eni plans to increase its investment and drill 30 exploration wells and 200 development wells.
Egypt also plans to spend more than $4 billion to upgrade six refineries, with the goal of producing more higher-value fuels at home and reducing fuel imports.
Its five-year strategy includes surveys, new technologies and incentives for international partners to encourage exploration and development.
Egypt aims to reach oil and gas production capacity of 6.6 billion cubic feet per day by 2027.
The government plans to support the target with more drilling, exploration incentives and investment from international companies.
Oil and gas production has fallen in recent years, largely because of ageing offshore fields in the Mediterranean, including the Zohr gas field.
Egypt wants to develop new discoveries and connect them to existing infrastructure to reduce costs and encourage investment.
Eni plans to drill 30 exploration wells and 200 development wells in Egypt.
- Who
- The Egyptian government, led on energy policy by Petroleum Minister Karim Badawi, is pursuing the target.
- What
- Egypt aims to reach production capacity of 6.6 billion cubic feet per day by 2027.
- When
- By 2027.
- Where
- Egypt.
- Why
- Production has fallen in recent years, largely because of ageing Mediterranean offshore fields. The government wants to boost output and attract investment.
This story does not have two clearly opposing sides.
President Abdel Fattah Al-Sisi announced plans to double crude oil and condensate production as part of a five-year energy strategy.
Egypt brought 591 new wells into production and made 113 discoveries, according to Badawi.
Badawi met with Cyprus’s energy minister, the East Mediterranean Gas Forum secretary-general and industry executives to discuss investment and production.
- Production capacity target
- 6.6 billion cubic feet per day by 2027
- New wells
- 591 brought into production between July 2024 and June 2026
- Discoveries
- 113 made between July 2024 and June 2026
- Planned refinery investment
- More than $4 billion to improve six refineries
- Eni drilling plans
- 30 exploration wells and 200 development wells