Egypt Oil and Gas Market

Egypt Oil and Gas Market Overview: 

The Egypt oil and gas market size reached US$ 12.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 19.2 Billion by 2032, exhibiting a growth rate (CAGR) of 4.60% during 2024-2032. The increasing investment in exploration and production activities, favorable government policies, strategic partnerships with international companies, and the discovery of new reserves are some of the key factors contributing to the market expansion.

Egypt Oil and Gas Market Trends:

Investment in exploration and production activities

Egypt’s large onshore and offshore natural gas and oil reserves, fostering extensive research and development (R&D) activities are contributing to the market growth. In recent years, the Egyptian government has actively promoted investment in the oil and gas sector through various initiatives, including licensing rounds, fiscal incentives, and regulatory reforms. This has attracted the interest of international oil companies (IOCs) and independent operators, leading to increased exploration, drilling, and development activities, which is aiding in market expansion. Furthermore, ongoing advancements in exploration technologies, such as three-dimensional (3D) seismic imaging and drilling techniques, have enhanced the efficiency and success rate of exploration campaigns, further strengthening the market growth.

Development of natural gas resources

Egypt has emerged as a regional hub for natural gas production and export, with substantial reserves located in the Nile Delta and Mediterranean Sea. Although, net gas exports accounted for 7.5% of the total gas production in 2021. The discovery of large offshore gas fields, such as the Zohr and Nooros fields, has transformed Egypt into a major player in the global liquefied natural gas (LNG) market. The government has prioritized the development of these gas resources to meet domestic demand, reduce reliance on imported fuel, and stimulate economic growth. In addition to conventional gas fields, Egypt is also exploring unconventional gas resources, such as shale gas, to further diversify its energy portfolio and ensure long-term energy security, which is contributing to the market expansions.

Strategic partnerships

Given the capital-intensive nature of oil and gas projects, collaboration between domestic and international companies is essential to leverage expertise, technology, and financial resources. To help accelerate the development of oil and gas reserves, the Egyptian government has aggressively pursued partnerships with international oil companies (IOCs) through joint ventures, service contracts, and production-sharing agreements (PSAs). These collaborations promote the nation's infrastructure development, job creation, capacity building, and knowledge and technology transfer. Moreover, strategic partnerships enable Egypt to access international markets for the export of crude oil and LNG, bolstering the market growth.

Egypt Oil and Gas Market News:

• In June 2023, United Oil and Gas Company (UOG) announced the successful testing of the ASD-3 development well in the Abu Sennan license onshore Egypt, revealing a total of 12.5 meters of net oil pay.
• In May 2023, Dana Gas, an energy firm headquartered in the UAE, announced its intention to start drilling 11 new wells in Egypt by the end of the year. These wells are expected to increase reserves and production by up to 80 billion cubic feet (Bcf). About USD 100 million has been set aside by Dana Gas for these drilling operations.
   

Egypt Oil and Gas Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on type and application.

Type Insights:

• Upstream
• Midstream
• Downstream
   

The report has provided a detailed breakup and analysis of the market based on the type. This includes upstream, midstream, and downstream.

Application Insights:

• Offshore
• Onshore
   

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes offshore and onshore.

Regional Insights:

• Greater Cairo
• Alexandria
• Suez Canal
• Delta
• Others
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Greater Cairo, Alexandria, Suez Canal, Delta, and Others.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Egypt Oil and Gas Market Report Coverage:

Key Questions Answered in This Report:

• How has the Egypt oil and gas market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Egypt oil and gas market?
• What is the breakup of the Egypt oil and gas market on the basis of type?
• What is the breakup of the Egypt oil and gas market on the basis of application?
• What are the various stages in the value chain of the Egypt oil and gas market? 
• What are the key driving factors and challenges in the Egypt oil and gas?
• What is the structure of the Egypt oil and gas market and who are the key players?
• What is the degree of competition in the Egypt oil and gas market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Egypt oil and gas market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Egypt oil and gas market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Egypt oil and gas industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.