Egypt oil balance surplus continues for 3rd year exceeding $3B

CAIRO - 12 February 2023: Egypt achieved a surplus in the oil balance for the third year in a row, exceeding $3 billion, Petroleum Minister Tarek el-Molla announced.

 

Molla added during EGYPS 2023 that Egypt's oil exports rose to reach $18.2 billion during 2022.

 

He said that the COP 27 climate conference laid down a roadmap to support the energy transition.

 

According to the Oil Minister, four international bids have been launched on Egypt's digital portal for exploration and production that was launched early 2021, el-Molla stated.

 

El-Molla added that it is planned to launch three international bids during the current year.

 

“An ambitious plan has been drawn up with global partners until 2025 to drill more than 300 exploratory wells, and Egypt seeks to put them on production quickly,” El-Molla said.

 

He noted that the petroleum sector has succeeded during the past eight years in developing its infrastructure, by increasing the number of ports and berths for receiving butane gas tankers.

 

Molla said that 79 warehouses were added for storing crude oil and petroleum products, and a number of main gas lines to support the national gas network.

 

In the field of oil refining, new projects have been implemented, according to the minister.

 

Egypt Petroleum Show (EGYPS 2023) kicked off Sunday in the presence of President Abdel Fattah El-Sisi.

 

The EGYPS 2023 takes place from February 13 to 15 at Egypt International Exhibition Center. 

 

It is held under the theme 'North Africa and The Mediterranean: Supporting Sustainable Global Energy Supply and Demand'.

 

The inauguration was attended by Prime Minister Mostafa Madbouli, Minister of Petroleum and Mineral Resources, Tarek El-Molla, and a number of ministers and senior statesmen.

 

All CEOs of the energy, oil and gas sector in the world will participate in the EGYPS 2023, in addition to a group of energy ministers, government representatives, high-ranking officials of the European Union, secretaries of major international energy organizations, business leaders and investors in the energy sector to discuss the most important issues to support the progress of the oil and gas sector.