Middle East / Africa
Country profile: Egypt
|Location:||Northern Africa, bordering the Mediterranean Sea, between Libya and the Gaza Strip, and the Red Sea north of Sudan, and includes the Asian Sinai Peninsula|
|Climate:||desert; hot, dry summers with moderate winters|
|Terrain:||vast desert plateau interrupted by Nile valley and delta|
|Size:||1001450 sq. km total (Land area: 995450 sq. km Water area: 6000 sq.km)|
|Population:||81,713,517 (July 2008 est.)|
|Languages:||Arabic (official), English and French widely understood by educated classes|
|Legal system:||based on Islamic and civil law (particularly Napoleonic codes); judicial review by Supreme Court and Council of State (oversees validity of administrative decisions); accepts compulsory ICJ jurisdiction with reservations|
|Currency:||Egyptian pound (EGP)|
Energy will continue to play an important role in Egypt's economy in coming years. Though Egypt’s net exports of crude oil and petroleum products have declined in recent years, higher prices on world markets have pushed Egypt's oil revenues upward. The country also began exports of liquefied natural gas (LNG) in January 2005, adding to its hydrocarbon revenues. Additionally, Egypt's economy is continuing its gradual recovery from the declining growth rates it experienced in 2001 and 2002, but with a growth rate still far below what was achieved in the 1990s. The country's real Gross Domestic Product (GDP) grew 4.9 percent in 2005, after achieving real growth of 3.6 percent in 2004. Real GDP growth is forecast at 5.7 percent for 2006. Remittances from Egyptian workers in the Persian Gulf region have risen with higher oil prices, and tourism has recovered to near pre-September 2001 levels.
In a normal year, tourism revenues account for about 5 percent of Egypt's GDP, and are among the country's five main sources of hard currency inflows (the others being remittances from Egyptian workers abroad, hydrocarbons exports, Suez Canal tolls, and foreign aid). Over the long term, Egypt's macroeconomic prospects may improve, but Egypt's main challenge is reducing unemployment. Unofficial estimates put Egypt's unemployment rate in the 15-25 percent range, roughly twice the official figure. The government plans to accelerate its program for the privatization of state-owned enterprises (SOEs), though to date, the privatization program has moved slowly because of large SOE debt and severe overstaffing.
Energy production and consumption
|Production:||688,100 bbl/day (2005 est.)||40 billion cu m (2005 est.)|
|Consumption:||635,000 bbl/day (2005 est.)||32 billion cu m (2005 est.)|
|Exports:||152,600 bbl/day (2004 est.)||7 billion cu m (2005 est.)|
|Imports:||69,860 bbl/day (2004 est.)|
|Reserves:||3 billion bbl (2007 est.)||1 trillion cu m (1 January 2006 est.)|
Egypt - recent news
|11 May 21
||Egypt: PGS’ MultiClient seismic reveals multiple opportunities offshore Egypt in 2021 licensing round
PGS has 3,400 km of modern MultiClient seismic data covering all the blocks on offer in the Egypt Offshore Licensing Round. This much-anticipated round extends exploration opportunities in one of Africa’s most prolific petroleum provinces.
|04 May 21
||Egypt: United Oil and Gas announces ASD-1X well test update and submission of notice of commercial discovery
United Oil & Gas has provided an update on the testing of the ASD-1X exploration well in the Abu Sennan concession, onshore Egypt and the spudding of the AJ-8 development well. Notice of a commercial discovery and an application for a development lease covering the ASD-1X discovery have been submitted to EGPC by the operator, Kuwait Energy Egypt.
|26 Apr 21
||Egypt: bp announces gas production from third stage of West Nile Delta development in Egypt
bp has announced gas production from the Raven field, the third stage of its major West Nile Delta (WND) development off the Mediterranean coast in Egypt.
|26 Apr 21
||Egypt: Dana Gas announces termination of agreement for the sale of its Egyptian assets
Dana Gas has announced the termination of its agreement for the sale of its Egyptian assets, announced on 25th October 2020. The Company has decided to retain and operate the assets in Egypt alongside the highly prospective exploration acreage offshore Block 6.
|14 Apr 21
||Egypt: United Oil and Gas announces material Upgrade to Abu Sennan reserves
AIM-listed United Oil & Gas has provided a reserves update on the Abu Sennan concession, onshore Egypt. United holds a 22% working interest in the Licence, which is operated by Kuwait Energy.
Egypt - more news
Other countries in this region
- Central Africa Republic,
- Congo (Brazzaville),
- Congo (Democratic Rep.),
- Cote d'Ivoire,
- Equatorial Guinea,
- Guinea (Republic),
- Guinea Bissau,
- Sao Tome,
- Saudi Arabia,
- Sierra Leone,
- South Africa,
- South Sudan,
- United Arab Emirates,
- Western Sahara,