I wonder what happened in the petroleum sector during the last 10 years of the era of President Abdel Fattah El-Sisi, and how this sector was able to stand on its feet again and achieve fantastic gains that pumped into the arteries of the Egyptian economy, and what are the most prominent petroleum discoveries in recent years.. We will tell you all the details in This video.
Of course, we all know that the petroleum and mineral resources sector is one of the most important profitable sectors, if exploited correctly. That is why in recent years the sector has witnessed an unprecedented boom at the hands of President Sisi, who was tasked with increasing interest in it and intensifying the work of drilling gas and oil wells and other energy sources.
This contributed to the volume of investments in petroleum sector projects reaching 1.2 trillion pounds in the period from July 2014 to June 2023, including 844.2 billion pounds the value of investments in projects that have been implemented, and 344 billion pounds the value of investments in projects we are still implementing, in addition to… Other projects are being studied to begin implementation with a value of 138 billion pounds.
I mean, we can say that the petroleum and mineral resources sector contributed to inward foreign direct investment flows worth about $4.7 billion in the year 2021-2022, at a rate of 21.2%, and the percentage of increase in public investments also amounted to facing the extraction sector, meaning exploration and extraction work. Wealth at current prices increased by 86.9% during the year 2021-2022.
Also, the Egyptian state signed 120 petroleum agreements issued under investment laws, the minimum amount of which is 22.4 billion dollars, to drill 452 new wells, and this is in addition to 448 discoveries that added reserves amounting to 511.2 million barrels of oil, and 40.17 trillion cubic feet of gas.
Other than all this, the state issued a set of laws and decisions to facilitate the work of the Ministry of Petroleum and Mineral Resources, in order to develop the value of the gross domestic product of oil refining activity.
As for natural and liquefied gas, our exports of it increased by 154%, and achieved in the year 2222 about 9.9 billion dollars, compared to 3.9 billion dollars during the year 2021, and this was due to the restarting of the gas liquefaction plant in Damietta and the resumption of the export of liquefied gas from it after an 8-year hiatus. .
Recently, 12 international bids were launched to search for oil and gas, including 5 new bids on the Egypt Exploration and Production Digital Portal platform. The government signed 120 petroleum agreements to search for oil and gas, with a minimum investment of $22.3 billion, and 472 discoveries have already been achieved. New petroleum, 334 crude oil detections, and 138 natural gas detections.
One of the most important state projects over the past years is the project to develop gas and crude oil fields, which numbered 49 projects to develop gas and oil fields, with a total investment amounting to 572 billion pounds, the most important of which are the Zohr, Atoll, Nours, North Alexandria, West Nile Delta, field projects. Southwest of Baltim, west of the deep delta, Desouk, north of Sinai and north of Amriya.
In addition to all this, 81 gas storage depots have been implemented, 1,234 gas pipelines have been constructed with investments amounting to 23.1 billion pounds, and 75 gas pipelines are being implemented.
All of this is in addition to delivering gas to homes, because the Egyptian state expanded projects to deliver natural gas to homes, cities, and villages, which contributed greatly to the decline in butane consumption. The number of butane gas cylinders that were replaced by natural gas over the past years was estimated at about 139 million cylinders. This was until the year 2022, so now the number has certainly doubled.
The achievements have not stopped here, because 600 natural gas fueling stations have been established and operated, in addition to other expansions such as the establishment of gas stations for cars inside the stations, all of this with a plan supported by the availability of full support from the political leadership and the government and the availability of the supporting infrastructure and components from a national natural gas network. It extends throughout Egypt.
Despite everything that has happened, the map for the development of the petroleum sector does not stop, and the numbers make successive leaps every day, and this confirms with conclusive evidence that the petroleum sector is one of the most important sectors that leads Egypt to sustainable development.
