Oil And Gas Procedures In Egypt

Although Egypt is not one of the OPEC countries, it is yet considered the sixth largest oil producer in Africa. In 1908, Egypt discovered the first oil reservoir; in 2015 Egypt has witnessed the largest gas discovery in its history equaling to 30 trillion cubic feet (Tcf) of natural gas, which roughly amounts to 5.5 billion barrels of oil. Nowadays, the government is focused on oil discovery which is considered as one of the golden elements that would help to revive Egyptian economy. As the government is putting forth new blocks for biding in the Mediterranean and investors willing to participate in such, it is important to outline certain criteria and procedures set by the Ministry of Petroleum.