Egypt Announces Its Largest Oil and Gas Discovery in 15 Years

Egyptian authorities announced the discovery of a major oil and gas field in the Western Desert. The country’s Ministry of Petroleum and Mineral Resources described it as the largest such discovery in 15 years and a positive signal for investors.

Preliminary estimates put the field’s reserves at around 330 billion cubic feet of natural gas, equivalent to roughly 9.3 billion cubic meters, along with about 10 million barrels of condensate and crude oil. Total reserves are estimated at 70 million barrels of oil equivalent.

The discovery is seen as part of Egypt’s efforts to increase domestic hydrocarbon production and reduce its dependence on energy imports. The country continues to attract international companies for exploration work on its territory.