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Crude Oil January 22, 2025 06:28:23 AM

Egypt’s Oil and Gas Sector Thrived in 2024

Anil
Mathews
OilMonster Author
The government had also incentivized increased exploratory and developmental drilling activities.
Egypt’s Oil and Gas Sector Thrived in 2024

SEATTLE (Oil Monster): The Egyptian oil and gas sector reported remarkable progress in 2024.

Significant progress was made by the nation in the exploration and production of gas and oil. With the help of the new output realized in the first quarter of the fiscal year 2024–2025, the oil and gas industry's production as of October 2024 was 1.4 million barrels of oil equivalent per day (mmboe/d).

In order to explore and utilize natural gas and crude oil in 12 blocks in the Mediterranean and Nile Delta, the state-controlled Egyptian Natural Gas Holding Company (EGAS) has opened a new international bidding round. This was consistent with the nation's overarching plan to increase Mediterranean exploration.

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In August 2024, the government of Egypt unveiled a new incentive package to boost the country's oil and gas production. The package's goal was to entice partners to make more investments by providing them with an improved investment climate. Additionally, the government has provided incentives for more exploratory and developmental drilling.  

The Egyptian government has effectively put new procedures in place to settle partner arrears. The approximate amount of debt owing by the Egyptian General Petroleum Company (EGPC) to foreign corporations was between $4 and $5 billion. It paid international corporations over one-fourth of the arrears by July.


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