Egypt Oil and Gas Upstream Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The Egyptian oil and gas upstream market is expected to witness a CAGR of around 8% during the forecast period. The COVID-19 pandemic had a significant impact on the Egyptian upstream market, with low crude oil prices in 2020. Lower crude oil prices created an unfavorable market atmosphere for all the crude oil producers in Egypt, collecting low revenue during the pandemic year. The Egyptian oil and gas upstream market has witnessed robust growth primarily due to the favorable government policies and high production rate in the country. However, global inclination toward renewable fuels may also adversely affect the oil and gas demand in national and international markets, as the country is a net exporter of petroleum.
Key HighlightsThe Egyptian oil and gas upstream market is moderately fragmented. Some of the key players are BP PLC, Shell PLC, TotalEnergies SE, Eni SpA, and ExxonMobil Corp.
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