Egypt's Ambitious Oil and Gas Plans

Oil-rich Egypt has big plans for the future of its fossil fuel development, with several major new auctions and investments planned for the North African country. A new $7 billion petrochemical complex and other major oil and gas investments are expected to reinvigorate Egypt’s oil industry, although it may have to win back investor confidence following a disappointing financial year. Egypt is a major African fossil fuel producer, the second-largest non-OPEC producer of liquid fuels after Angola. It was also the second-largest producer of natural gas in Africa in 2022, after Algeria. The expansion of Egypt’s gas production has been supported by the launch of operations at several major offshore fields over the past decade, including its Zohr gas field. However, Egypt’s gas production has been forecast to fall in the coming decades as Zohr matures, as well as due to several recent exploration failures.