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Egypt’s petroleum sector achieves major milestones in 2023

Published on : 2023-12-30

In a landmark year for its energy sector, Egypt has signed a total of 29 oil and gas exploration agreements in 2023, involving investments of at least $1.2 billion, as announced by the Egyptian Ministry of Petroleum and Mineral Resources.

These agreements underscore Egypt’s ongoing commitment to enhancing its energy production capabilities and represent a significant step forward in the country’s petroleum sector.

In addition to these exploration agreements, the government has also successfully drilled 87 new wells, leading to 65 new oil and gas discoveries. This achievement has played a crucial role in bolstering Egypt’s total production of petroleum products, which reached approximately 74 million tonnes.

In a move towards sustainability and efficiency, the country’s petroleum sector has injected a whopping $7.3 billion into oil refining projects. This substantial investment is expected to modernise and expand Egypt’s refining capacity, ensuring a more robust and resilient energy infrastructure.

Furthermore, in alignment with global environmental standards, the sector has made commendable strides in reducing carbon emissions. Approximately 900,000 tonnes of carbon dioxide have been cut by connecting natural gas to about 14.5 million residential units. Additionally, a significant reduction of over 2 million tonnes of carbon dioxide was achieved by converting 534,000 vehicles to operate on compressed natural gas (CNG). Overall, these initiatives have led to a reduction of over 1.4 million tonnes of carbon emissions, marking a notable contribution to environmental conservation and the fight against climate change.

These developments not only highlight Egypt’s progress in energy production but also showcase its commitment to sustainable and environmentally friendly practices. The Egyptian government’s forward-thinking approach in the petroleum sector is setting a benchmark for energy development in the region.

As Egypt continues to expand and diversify its energy sources, these milestones signify a new era of growth and sustainability for the country’s energy sector.

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