Back in Cairo: Egypt upstream research takeaways Report

Insight 28 June 2022

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Report summary

We returned to Egypt to visit industry contacts after a two-year absence. Much has changed in Cairo in the intervening period, not least in the upstream sector. Covid-induced gas production constraints are long-gone, fiscal reform is paying dividends for some of the country's main oil projects and emissions reductions are front of mind as Egypt prepares to host COP27. Read more on our key takeaways: Tough times lie ahead for Egypt's economy: what impact will the economic slow-down have on the upstream sector? Gas and LNG outlook: for how long can Egypt sustain current export levels? Cost inflation begins to bite: what's the impact on rig availability? Bid rounds: what acreage could be offered later this year?

Executive Summary
Key takeaways
- 1. Tough times lie ahead for Egypt’s economy
- 2. Can gas production ease Egypt’s balance of payments?
- 3. Modernised terms set to boost oil output
- 4. Tight rig market and cost inflation begin to bite
- 5. M&A outlook: no shortage of buyers but sellers in no rush to sell
- 6. EGPC bid round before year end
- 7. Emissions reductions take centre stage as Egypt prepares to host COP27