Egypt's oil and gas future looks very bright. The large scale concessions awarded during the EGYPS2019 conference in Cairo, 11-13 February, shows the appetite of IOCs, such as Shell, BP and ENI in this emerging energy hotspot.
After years of a major slump, partly due to continuing payment and security issues, the Pharaohs are again back in the top league. Continuing concerns about security in Egypt's Western Desert or the Sinai no longer seem to be a breaking point for investors. At the second day of EGYPS2019 the announcement of five onshore and offshore licenses by EGPC, as presented by Egypt's minister of energy Tarek El Molla, has created a very bright future for the North African oil and gas producer. The success story of the offshore deepwater gas field Zohr, operated by Italian oil major ENI, could be supported further by positive results from current exploration efforts in the offshore Noor field. If expectations are met, a new gas hub could be in the making, combining Cypriot and Israeli production with Egypt's existing LNG infrastructure.