The Official Gazette has published the ratification by President Abdel Fattah El-Sisi of Law No. 166 of 2023, authorizing the Minister of Petroleum and Mineral Resources to contract with the Egyptian General Petroleum Corporation for the exploration, development, and exploitation of oil in the East Zeit Development Area in the Gulf of Suez.
Additionally, the Gazette published President Abdel Fattah El-Sisi’s ratification of Law No. 168 of 2023, authorizing the Minister of Petroleum and Mineral Resources to enter into a contract with the Egyptian General Petroleum Corporation for oil exploration, development, and exploitation in the Ashrafi Development Area in the Gulf of Suez.
Furthermore, the Gazette also published President Abdel Fattah El-Sisi’s ratification of Law No. 169 of 2023, authorizing the Minister of Petroleum and Mineral Resources to contract with the Egyptian General Petroleum Corporation for the exploration, development, and exploitation of oil in the Ras El-Ush Development Area in the Gulf of Suez.
Recent oil exploration activities in Egypt have been significant and expansive. In 2023, Egypt signed a total of 29 oil and gas exploration agreements with a minimum investment of $1.2 billion, according to a report by Zawya. These agreements are part of Egypt’s ongoing efforts to enhance its petroleum sector. Alongside these agreements, the government has also drilled 87 new wells, leading to 65 new oil and gas discoveries. This has contributed to Egypt’s total production of petroleum products reaching around 74 million tons. Additionally, the country’s petroleum sector has invested a substantial $7.3 billion in oil refining projects, and efforts have been made to reduce carbon emissions by connecting natural gas to residential units and converting cars to run on compressed natural gas (CNG).
Further amplifying Egypt’s oil and gas sector’s growth is the discovery of potential reserves in the Western Desert. Italian energy company Eni has made three oil and gas discoveries in Egypt’s western region, with potential reserves amounting to up to 50 million barrels of oil equivalent. These discoveries include oil, gas, and condensate reserves in the Mleiha development concession in the Western Desert, where initial well testing indicated stable oil flows of up to 2,500 barrels per day. Eni holds a significant stake in the Mleiha concession area, and plans are underway to quickly capitalize on these discoveries by linking them with existing production facilities.
