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

CAIRO – 2 October 2023: The Egyptian government highlighted Monday that LE1.2 trillion had been invested in the oil and gas sector between 2014 and 2023.

The breakdown is projects worth LE844.2 billion being already completed and others worth LE344 being in-progress, while studies are being carried out to implement plans whose value is LE138 billion.

During that period, the government signed 120 agreements worth $22.4 billion to drill a minimum of 451 fields and explore 448 others, uncovering 511.2 million oil barrels and 40.17 trillion cubic meters of gas in reserves.

The size of FDI inflow in the sector in FY2021/2022 amounted to $4.7 billion, which composed 21.2 percent of the country's total.  Also, natural gas and LNG exports jumped by 154 percent in 2022 compared to the previous year hitting $9.9 billion up from $3.9 billion. That is mostly attributed to the reoperation of the Damietta gas liquefaction plant after an eight-year hiatus.