Egypt’s Ministry of Planning and Economic Development (MPED) outlined a significant investment plan for the petroleum sector in its fiscal year (FY) 2023/24 report. The plan allocates EGP 99.6 billion for extraction development, with a focus on natural gas (EGP 65.4 billion) followed by oil (EGP 22.4 billion) and other extractions (EGP 11.8 billion). Notably, the private sector is expected to contribute 84% of the total investment, demonstrating strong private sector involvement.

In terms of production targets, the report states that the plan aims to increase production at current prices from 939 billion Egyptian pounds (EGP) in FY 2022/23 to 1.09 trillion EGP in FY 2023/24, representing a growth rate of 16%. Production is projected to reach 1.288 trillion EGP by FY 2025/26, with an average annual growth rate of 18.5%.

At stable prices, production is estimated to reach 664 billion EGP in FY 2023/24, compared to 655 billion EGP in FY 2022/23, representing a growth rate of 1.4%. Production is expected to reach 692.5 billion EGP by FY 2025/26, with an average annual growth rate of 1.5% during the plan period.

The report states that the plan aims to increase the GDP of the extraction sector at current prices to 960 billion Egyptian pounds (EGP) in FY 2023/24, compared to 826 billion EGP in FY 2022/23, representing a growth rate of 16.2%. GDP is projected to reach 1.14 trillion EGP by the end of the plan period, with an average annual growth rate of 20%.

At stable prices, GDP is estimated to reach 573 billion EGP in FY 2023/24 and 598 billion EGP in FY 2025/26, representing an annual growth rate of 1.2% for the first year and an average annual growth rate of 1.25% for the period up to FY 2025/26.