Egypt’s Cabinet has approved a $200 million investment to tackle the ongoing electricity shortage crisis.
The funding involves agreements between the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and several international and national companies.
These deals focus on exploring and exploiting natural gas and crude oil in regions such as the North Port Fouad Offshore Area and the South Nour Offshore Area in the Mediterranean Sea, as well as the North El-Khatatba Offshore Area in the Nile Delta.
Additionally, amendments to existing commitments for oil exploration, development, and exploitation in the Horus Development Area in the Western Desert and the South Dabaa Development Area are included.
These initiatives are vital as Egypt, despite being a significant natural gas producer with an average annual production of around 60 billion cubic meters, faces a shortfall compared to its annual demand of approximately 62 billion cubic meters.
In February 2008, Egypt’s Supreme Council of Energy adopted a strategy to boost renewable energy generation to 20% of the total energy mix by 2020.
Hydropower, primarily from the Nile, contributes about 42.2% of Egypt’s sustainable energy capacity, while wind and solar energy make up approximately 28.2% and 27.7% of the total capacity, respectively.
