Egypt’s Digital Oil Platform Attracts Over $1.2 Billion in Just Four Years
Egypt’s upstream investment gateway has emerged as a major success story, attracting investments worth over $1.2 billion for drilling 127 wells across 51 areas since its launch in February 2021. The Egypt Upstream Gateway (EUG) now comprises 47 member companies, demonstrating the country’s growing appeal as an energy investment destination.
Mohamed Radwan, Ganoub El Wadi Petroleum Holding Company’s Vice Chairman for Agreements and Exploration and EUG’s Project Manager at the Ministry of Petroleum, revealed these impressive figures during a review meeting with Minister Karim Badawi. The gateway operates in partnership with international company Schlumberger as the ministry’s primary investment platform.
During the meeting, Badawi emphasized the pivotal role of EUG as a digital platform for showcasing investment opportunities and data, leveraging the latest technologies and technical support to speed up investment decision-making for exploration and production investors. The minister also instructed that the investment map be continuously updated with new opportunities.
The success of the EUG platform highlights Egypt’s commitment to modernizing its oil and gas sector and creating an attractive environment for international energy companies seeking exploration and production opportunities in the region.
Source: egyptoil-gas.com
