Egypt: Billions pledged for the energy sector at the Economic Development Conference

Energy deals featured high on the conference agenda, with an obvious preference for upstream activity and power generation. Reducing the debt it owns foreign companies and cutting down subsidies by about a third (with a view to phasing them out completely within five years) have contributed to restoring confidence in Egypt’s energy sector. The following is a list of agreements and MoUs signed during the three-day conference in Sharm el Sheikh (13-15 March):

  • BP finalized a $12 billion deal to develop five tcf and 55 million barrels of condensates in the West Nile Delta. Production is expected in 2017 and is supposed to meet a quarter of Egypt’s energy needs.
  • BG will invest $4 billion in the next two years to develop natural gas fields in the Mediterranean.
  • ENI signed agreements worth $5 billion to be implemented over 4-5 years, including concessions in the Mediterranean, the Western Desert, the Nile Delta and Sinai.
  • UAE-based Dana Gas announced plans to invest $350 million over the next 30 months, including the drilling of dozens of new development wells.

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