The Egyptian General Petroleum Corporation (EGPC) is a national oil company of Egypt. It owns 70% of shares in the Egyptian Natural Gas Company, as well as a 75% stake in the petroleum-industry support airline Petroleum Air Services (the remaining 25% being held by the British firm Bristow Group). It also own a stake in the East Mediterranean Gas Company.
The Petroleum Industry in Egypt has its roots as far back as Pharaonic times where there are illustrations that depict the utilization of oil as a source of fuel.
In 1886 The Egyptian government drilled its first well in a location named Gemsa in the Eastern Desert. The well produced 25 barrels of crude oil per day. In 1969, the first natural gas discovery was made in Egypt by the IEOC (International Egyptian Oil Company).This was located in Abu Madi.
The Ministry of Petroleum was created in March 1973 as an independent Ministry of the Government of the Arab Republic of Egypt. The creation of an independent Ministry of Petroleum to oversee and regulate the petroleum industry in Egypt is a testament
Key dates in the history of EGPC:
- 1910: Anglo-Egyptian Oilfields begins to produce oil from the Gemsa field.
- 1956: The General Petroleum Authority (GPA) is created by the Egyptian government; General Petroleum Company (GPC) is formed.
- 1962: GPA's name is changed to Egyptian General Petroleum Corporation (EGPC).
- 1973: EGPC takes a 50 percent interest in The Arab Petroleum Pipeline Company; EGPC switches from joint explorations to issuing exploration licenses to foreign contractors.
- 1976: Egypt becomes a net exporter of crude oil for the first time.
- 1991: Egypt begins to offer incentives for foreign investment and exploration as part of its fiscal reform.
- 1996: Oil production reaches its peak at 922,000 barrels per day.
- 2000: The Egyptian government allows for the export of natural gas.