| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Volume (2025) | 669.91 Thousand barrels per day |
| Market Volume (2030) | 722.39 Thousand barrels per day |
| CAGR (2025 - 2030) | 1.52% |
| Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Egypt Oil And Gas Upstream Market Analysis
The Egypt Oil And Gas Upstream Market size in terms of production volume is expected to grow from 669.91 thousand barrels per day in 2025 to 722.39 thousand barrels per day by 2030, at a CAGR of 1.52% during the forecast period (2025-2030).
- Over the medium term, the Egyptian oil and gas upstream market has witnessed robust growth, primarily due to favorable government policies, a high production rate in the country, and growing interest from international companies to invest in the market.
- On the other hand, global inclination toward renewable fuels may also adversely affect oil and gas demand in national and international markets, as the country is a net exporter of petroleum.
- Nevertheless, the new oil and gas discoveries in the country that occurred in the recent past created ample opportunities for the production market. Egypt has witnessed a spike in its energy reserves in 2022, with 53 new oil and gas discoveries, according to the Ministry of Petroleum and Mineral Resources. The discoveries include 42 oil wells and 11 gas wells in the Western Desert, the Mediterranean Sea, the Suez Gulf, and Nile Delta. The latest gas discovery in the Nargis block occurred in the year 2022. According to various third-party sources, it is estimated that the gas discovery to have 3.5 trillion cubic feet of natural gas reserves.
Egypt Oil And Gas Upstream Market Trends
Natural Gas Expected to Dominate the Market
- The natural gas production in Egypt was around 64.5 billion cubic meters (bcm) in 2022, and it witnessed an increase of 10.2% from 2020. The high production was in response to the high natural gas demand in the domestic and international markets, as the fuel is cleaner than oil.
- In 2022, the country had the highest liquefied natural gas (LNG) export volume among all the Arab countries. Egypt exported around 8.9 bcm of LNG in 2022, according to a report by the Energy Institute Statistical Review of World Energy 2023.It is expected to export even higher volumes in the upcoming years.
- In January 2022, the Egyptian Ministry of Petroleum granted Eni five new exploration licenses. These licenses cover the Eastern Mediterranean Sea, Western Desert, and Gulf of Suez.
- In December 2022, the Egyptian Ministry of Petroleum announced the discovery of a new large natural gas field in the Nargis block in the eastern Mediterranean, with estimated reserves that could reach 99 bcm. This deepwater exploration block is situated off the city of Arish on the Sinai Peninsula and is one of four offshore exploration blocks on the coast of Egypt in which Chevron holds an operating interest, along with Tharwa Petroleum of Egypt.
- Hence, such developments are expected to propel the market during the forecast period.
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Growing Interest from International Companies Expected to Drive the Market
- The interest of international companies to invest in the country has proved to be the most effective driver of the Egyptian petroleum industry's growth. This is due to the liberal investment policies of the nation and the huge number of oil and gas fields present in the country. As of February 2023, the total rig count due to private investments reached 33.
- The Ministry of Petroleum and Mineral Resources announced the sector's achievements during the period from July 2014 to June 2022. During that period, the sector launched ten international bids for oil and gas exploration in the Mediterranean, the Red Sea, the Delta, the Western and Eastern Deserts, the Gulf of Suez, and Upper Egypt. Among the nine bids that were launched, 39 oil and gas exploration areas were awarded with a minimum investment of USD 2.2 billion, and signatures for USD 272.6 million were granted to international companies, including ExxonMobil and Chevron, representing a successful attempt to attract new international investors to the Egyptian petroleum industry.
- Further, in January 2022, Egypt signed agreements with Transglobe Energy and Pharos Energy for oil exploration and production in the eastern and western deserts. The deals allow the two firms to explore, develop, and produce petroleum, leveraging the latest technologies, with a total investment of at least USD 506 million. The agreements also include a USD 67 million grant to the two companies to drill 12 oil wells.
- The Egyptian Ministry of Petroleum and Mineral Resources approved APA, a joint venture between Sinopec and a US-based upstream company, for a production sharing contract (PSC) in Egypt to carry out drilling in a concession. The venture was anticipated to increase gross spending by around USD 235 million in Egypt in 2022 and increase production by at least 13% every year. The development contract is signed for 20 years.
- Due to these developments, it is probable that foreign investments will dominate the Egyptian oil and gas upstream market in the years to come.
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Egypt Oil And Gas Upstream Industry Overview
The Egyptian oil and gas upstream market is semi-consolidated. Some of the key players are (in no particular order) BP Plc, Shell Plc, TotalEnergies SE, Eni SpA, and ExxonMobil Corp., among others.
Egypt Oil And Gas Upstream Market Leaders
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BP Plc
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Eni SpA
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Shell Plc.
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Total Energies SE
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ExxonMobil Corp.
- *Disclaimer: Major Players sorted in no particular order
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Egypt Oil And Gas Upstream Market News
- May 2023: UAE-based energy firm - Dana Gas announced its plans to start the drilling of 11 new wells in Egypt by the end of this year and projects the wells to add up to 80 bcf of reserves and production. The company has allocated investments of approximately USD 100 million to drill these wells, indicating that the company has four concessions in Egypt and is seeking to include them in one concession within an agreement awaiting approval by the House of Representatives.
- June 2022: The Egyptian Natural Gas Holding Company announced that BP was awarded an offshore exploration block in Egypt following its successful participation in a limited bid round in 2021.
- January 2022: TransGlobe Energy Corporation and Pharos Energy were appointed by the Ministry of Petroleum and Mineral Resources to conduct oil exploration in the Western and Eastern Deserts. The contracts are valued at at least USD 506 million in total. Additionally, both regions will receive a USD 67 million grant to drill 12 wells.
Egypt Oil And Gas Upstream Industry Segmentation
Upstream refers to the exploration and production stages of the oil and gas industry. From the preliminary exploration stage through extraction, the upstream sector of the oil and gas industry focuses on all steps involved.
Egypt oil and gas upstream market is segmented by location of deployment and product. By location of deployment, the market is segmented into onshore and offshore. By product, the market is segmented into oil, natural gas and other products. For each segment, the market sizing and forecasts have been done based on production volume.
| Location | Onshore |
| Offshore | |
| Product | Crude Oil |
| Natural Gas | |
| Other Products |
Location
| Onshore |
| Offshore |
Product
| Crude Oil |
| Natural Gas |
| Other Products |
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Egypt Oil & Gas Upstream Market Research FAQs
How big is the Egypt Oil And Gas Upstream Market?
The Egypt Oil And Gas Upstream Market size is expected to reach 669.91 thousand barrels per day in 2025 and grow at a CAGR of 1.52% to reach 722.39 thousand barrels per day by 2030.
What is the current Egypt Oil And Gas Upstream Market size?
In 2025, the Egypt Oil And Gas Upstream Market size is expected to reach 669.91 thousand barrels per day.
Who are the key players in Egypt Oil And Gas Upstream Market?
BP Plc, Eni SpA, Shell Plc., Total Energies SE and ExxonMobil Corp. are the major companies operating in the Egypt Oil And Gas Upstream Market.
What years does this Egypt Oil And Gas Upstream Market cover, and what was the market size in 2024?
In 2024, the Egypt Oil And Gas Upstream Market size was estimated at 659.73 thousand barrels per day. The report covers the Egypt Oil And Gas Upstream Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Egypt Oil And Gas Upstream Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
Page last updated on: January 9, 2024
Egypt Oil And Gas Upstream Industry Report
Statistics for the 2025 Egypt Oil And Gas Upstream market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Egypt Oil And Gas Upstream analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
