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Editor in Chief Mohamed Wadie

Egypt Makes 53 New Oil And Gas Discoveries In 2022


Fri 30 Dec 2022 | 02:48 PM
By Ahmad El-Assasy

A study by the Egyptian Ministry of Petroleum and Mineral Resources revealed 53 fresh oil and gas discoveries in 2022 contributed to Egypt's increased energy reserves.

In the Western Desert, the Suez Gulf, the Mediterranean Sea, and the Nile Delta, there have been 42 new oil well finds and 11 new gas well discoveries.

In the Nargis block, the most recent gas find took place in December. According to Reuters, the discovery includes natural gas reserves worth 3.5 trillion cubic feet. Earlier this month, Tarek El-Molla, the minister of petroleum and mineral resources, did state that the amount of the Nargis gas discovery was still being calculated.

Additionally, the 12 blocks in the Mediterranean Sea and Nile Delta are the subject of an international bid round for oil exploration and exploitation that was started by the Egyptian Natural Gas Holding Company.

Egypt is expected to invest a total of $2.1 billion on oil and natural gas exploration programmes through 2025, according to El-statement Molla's on December 22.

The growth of Egypt's oil and gas business in 2022 went beyond just finds and reserves. In particular, Egypt produced 79.50 million tonnes of all petroleum products in 2022.

Along with roughly 50.60 million tonnes of natural gas and 1.1 million tonnes of butane, in addition to the butane produced by refineries, a total of 27.80 million tonnes of crude oil and condensates were produced during the year.

Lower imports of crude oil and other petroleum products were the result of increased petroleum production. Petroleum products were consumed in 2022 in a total amount of 81 million tonnes, up 6.20% annually.

Additionally, Egypt's natural gas exports reached $8.40 billion in 2022, a 171% increase in export revenue over the $3.50 billion exported the year before.

The most populous country in the Arab world exported 8 million tonnes of natural gas in 2022 compared to about 7 million tonnes the year before.

In 2022, Egypt produced around 79.5 MT of petroleum products, including approximately 50.6 MT of natural gas, 27.8 MT of crude oil and condensates, and 1.1 MT of liquefied petroleum gas.