Oil & Gas is the most profitable sector in 2018 Materials and Products

The year 2018 witnessed the achievement of 61 new oil and gas discoveries with 43 crude oil discoveries and 18 gas discoveries that contribute to increasing Egypt's oil production and reserves. Egypt's average production of crude oil and condensates is currently around 660 thousand barrels per day. This is the result of the efforts exerted during the year in the field of research, exploration and development, where 36 new exploration wells producing crude oil were placed on the production map with an initial average of 27 thousand barrels of oil Crude daily as well as 175 wells development with an average of 113 thousand barrels per day.

The Petroleum and Mineral Resources Sector witnessed a non-traditional activity and the results of unprecedented actions in the various activities of the petroleum industry during 2018, which reflect the beginning of the fruits of the strategy of the Ministry of Petroleum and its strict implementation. The main results of the sector are the operation of a number of natural gas projects and their production, Implementing an integrated strategy to transform Egypt into a regional center for the trading and trading of gas and petroleum, with the necessary resources to play this role.

The energy sector is one of the main sectors at the government table in the implementation of its medium-term objectives and support its ability to attract foreign direct investment to the market worth 10 billion dollars, supported by recent discoveries and the start of production of gas fields.

The "Economic Home" won the most prominent achievements of the energy sector in 2018, which witnessed the increase of the total current production of natural gas to more than 6.6 billion cubic feet per day. Egypt's production is expected to reach about 6.750 billion cubic feet per day by the end of 2018. Self-sufficiency of locally produced gas by the end of September thanks to increased domestic gas production.

In January 2018, the first phase of the early production was inaugurated in the giant back field of natural gas in the deep waters of the Mediterranean Sea, which started production in mid-December 2017. The year witnessed the rapid development of new phases of the field to double the production of the gas field back 6 times since its opening to more than 2 billion cubic feet of gas per day, and is accelerating the completion of the rest of the project, which total investment to about 12 billion dollars and the field will reach the peak production by the end of 2019, more than 3 billion cubic feet of gas per day.