Energy & Utilities
From The Report: Egypt 2022
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Egypt has turned its oil and gas industry around in the years since 2015: heavy investment in this industry now places Egypt in an advantageous position to capitalise on the resurgence of global travel and economic activity. The opening of new transport routes for hydrocarbons will help the country become a global energy centre connecting Europe, MENA and Asia. In addition to redeveloping its oil and gas operations, Egypt is also expanding its renewable energy and nuclear segments as a means of diversifying the energy mix and decarbonising the economy. Indeed, in January 2021 the Ministry of Petroleum and Mineral Resources announced plans to explore nine new oil and gas sites, with an investment of $1.4bn to drill 23 new wells. This should lead to greater energy security and allow the government to meet the needs of a large population.