Investments in Egypt's oil & gas sector in 2014-2023 amounts to LE1.2T

The Egyptian government has revealed a vast investment in the oil and gas sector, amounting to LE1.2 trillion, spanning the duration from 2014 to 2023. As part of the extensive announcement made on Monday, it was illuminated that valuable projects worth LE844.2 billion have been completed, while an additional set of projects accounting for LE344 billion are presently in-progress. Furthermore, plans for future investments reaching LE138 billion are being formulated under comprehensive studies. In a massive push for resource exploration, the government has signed 120 agreements, deemed to be worth a staggering $22.4 billion, to drill at least 451 fields and explore 448 others. The result is the uncovering of 511.2 million oil barrels and 40.17 trillion cubic meters of gas in reserves. An impressive inflow of foreign direct investment (FDI) in FY2021/2022 rounded up to $4.7 billion, representing 21.2% of Egypt's total. The thriving sector saw natural gas and LNG exports spike by 154% in 2022, generating $9.9 billion, a steep increase from $3.9 billion in the preceding year. This success is attributed to the re-launch of the Damietta gas liquefaction plant after an eight-year period of non-operation.