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Lessons for Managing Unconventional Resources
Recently, a report produced by the US Energy Information Agency noted that Egypt has significant proven and prospective volumes of natural gas and sizeable deposits of crude oil. There are around 2 trillion cu meters of proven conventional natural gas reserves and nearly further 3 trillion cu meters in unconventional reservoirs. Egypt also has 4.4 billion barrels of proven crude oil reserves and around the same volume in unconventional deposits. Whilst these are not the highest figures in the world, if optimally managed, such resources could play a significant role in Egypt's economic development.
Ratification of the Petroleum Concession Agreements
The Egyptian constitution, adopted in 2012, stipulated that exploitation rights of ''state properties or public facilities'' shall be granted by a law. On July 3rd the Egyptian army declared the immediate suspension of Egypt's constitution. Given this, questions emerge regarding petroleum agreements in Egypt. Is it possible to formalize petroleum concession agreements in the absence of the legislature or People's Assembly? Considering exploration and exploitation rights are to be issued only by a law, are parliamentary elections necessary for new petroleum agreements to be completed?
Egypt’s Energy Trap
Egypt's energy sector is in profound disarray, at a time when the Egyptian economy would desperately need the proceeds from functioning energy production and trade. Declining reserves and falling production, coupled to surging domestic energy demand have since 2008 turned Egypt into a net importer of oil and oil products.
Between a Rock and a Hard Place: Egypt’s New Natural Gas Supply Policy
The decision by the Egyptian government to commit to the long-term domestic supply of natural gas while allowing immediate imports of LNG and the rapid adjustment of domestic prices to reflect the cost of supply to the industry, signals a potentially significant shift in Egypt's energy policy.
Upstream Anxiety: A Commentary on the Current Challenges within the Upstream Business Sector of the Egyptian Oil and Natural Gas Industry
The 2011 revolution transformed the Egyptian government and left a sense of vagueness in the upstream business sector in Egypt. Revisions of the current gas export agreements resulted in amendments to increase gas prices in order match the current international benchmarks.