The Egyptian Ministry of Petroleum and Mineral Resources succeeded in signing a total of 83 exploration and production (E&P) agreements between November 2013 and December 2017. The agreements were sealed with international oil companies (IOCs) with minimum investments around $15.5 billion, Egypt Oil & Gas reports.
The ministry has paid part of the IOCs arrears decreasing it to $2.3 billion, which is the lowest amount in four years.
The E&P agreements have led the country to starting production from the first phase of Zohr natural gas field, with around 350 million standard cubic feet per day (mscf/d). The deals further led the country to finalize the first phase of West Delta/North Alexandria fields, with production capacity around 700 mscf/d.
In addition, Egypt completed Nooros field development project, boosting its output to over 1 billion cubic feet per day (bcf/d) of natural gas, 10,000 barrels per day (b/d) of condensates, and 230 tons of butane per day.
Moreover, Egypt has launched the two largest geophysics data collection projects to survey the Red Sea and Upper Egypt, with investments exceeding $750 million, in order to add these areas to Egypt’s E&P map.
In 2017, Egypt has witnessed a number of refining and petrochemical projects, including MIDOR expansion first phase and Assiut refinery’s new project. It further completed Suhag butane storage increase project, with EGP 120 million investment cost and 6,400 storage capacity.
Additionally, Egypt successfully started operation trials at the new liquefied natural gas (LNG) platform and Arab Petroleum Pipelines Company (SUMED) facilities at Ain Sokhna Port, with total investments $415 million.