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
|16 Sep 20
||Egypt: Eni announces new gas discovery in the 'Great Nooros Area' of the Nile Delta
Eni and BP have announced a new gas discovery - Nidoco NW-1 - in the so-called 'Great Nooros Area', located in the Abu Madi West Development Lease, in the conventional waters of the Nile Delta, offshore Egypt.
|11 Aug 20
||Egypt: TGS commences Egyptian multi-year geophysical survey
TGS has commenced its first-ever regional airborne Enhanced Full Tensor Gravity Gradiometry (eFTG) multi-client survey - together with magnetic and Lidar data - over the Upper Egypt region of the country. This survey is designed to provide unique, high-resolution imaging of the region with increased accuracy and higher spatial resolution to enhance exploration activities.
|28 Jul 20
||Egypt: Eni annnounces successful test of Bashrush discovery in North El Hammad concession
Eni (as the Operator of the Block), BP and Total, have successfully tested the well drilled on the prospect called Bashrush, in the North El Hammad concession, in the conventional Egyptian waters of the Nile Delta.
|14 Jul 20
||Egypt: SDX Energy announces sale of non-core Egyptian asset
AIM-listed SDX Energy has disposed of its 50% working interest in the North West Gemsa licence, situated in the Eastern Desert of Egypt. The purchaser, Gulf Energy, a private Egyptian oil and gas company, has paid US$3.0 million in consideration for the Company's interest.
|08 Jul 20
||Egypt: TechnipFMC signs contract for a new Hydrocracking Complex in Egypt
TechnipFMC has signed a major Engineering, Procurement, and Construction (EPC) contract with Assiut National Oil Processing Company (ANOPC) for the construction of a new Hydrocracking Complex for the Assiut refinery in Egypt.
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,