Market Size of Egypt Oil And Gas Upstream Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 659.88 Thousand barrels per day |
| Market Volume (2029) | 711.66 Thousand barrels per day |
| CAGR (2024 - 2029) | 1.52 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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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 659.88 Thousand barrels per day in 2024 to 711.66 Thousand barrels per day by 2029, at a CAGR of 1.52% during the forecast period (2024-2029).
- 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.
