Egypt Set to Expand Natural Gas and Renewable Energy Sectors
October 28, 2024
10:55 AM
Reading time: 3 minutes
Egypt's government recently announced plans to increase exploration for natural gas, as well as funding for the expansion of renewable energy projects. Of particular interest is a plan to construct vast solar collection fields in the desert, which would greatly increase Egypt's domestic electricity supply and also possibly produce electricity for export.
Egypt is already the second largest producer of liquid fuels outside of OPEC, and it has become a major producer of natural gas as well. Along with Israel and Cyprus, Egypt has been able to tap into the vast natural gas reserves in deep water wells off the Mediterranean coast, and has also become a key hub for distributing energy both north to Europe and south to Africa. This is partly due to its control of the Suez Canal, through which large volumes of energy and other trade flows on a daily basis.
Egypt also has the Suez-Mediterranean (SUMED) Pipeline and a large facility to liquify natural gas, enabling it to export large volumes to customers around the world.
Egypt's Petroleum Minister Karim Badawi recently announced that Egypt would increase it's exploration and exploitation of natural gas reserves.
“This is a message to all of us to work together to increase discoveries and attract more investments through the bids being offered for exploration, aiming to achieve new discoveries in the region, which holds more wealth, particularly natural gas,” Badawi stated at the inaugural session of the Mediterranean Energy Conference 2024.