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 |
Government: | republic |
Capital city: | Cairo |
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) |
Licensing: |
Country profile
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
Oil | Gas | |
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.) |
Major fields: |
Egypt - recent news
09 Apr 25 |
Egypt: ADES receives notification of extension for three offshore jackups in Egypt ADES has received notifications of extension for three of its offshore jackup rigs operating in Egypt. The extensions cover three contracted rigs with the General Petroleum Company (GPC): Admarine III, Admarine VI and Admarine V. |
17 Mar 25 |
Energean provides update on strategic sale of Egypt, Italy and Croatia portfolio Energean has provided an update on the proposed sale of its portfolio in Egypt, Italy and Croatia to an entity controlled by Carlyle International Energy Partners. |
13 Mar 25 |
Egypt: Scatec signs PPA with Egypt Aluminium for major solar + BESS project Scatec, a leading renewable energy solutions provider, has signed a 25-year USD-denominated corporate Power Purchase Agreement (PPA) with Egypt Aluminium for a 1.1 GW Solar PV + 100 MW/200MWh BESS project in Egypt backed by a sovereign guarantee. |
19 Feb 25 |
Egypt: Pharos Energy enters into MOU with EGPC for the merger of the Egyptian concessions Pharos Energy has announced that, together with IPR Lake Qarun Company ('IPR'), it has entered into a non-binding MOU with the Egyptian General Petroleum Corporation ('EGPC') in relation to the merger of the El Fayum and North Beni Suef Concession Agreements. The signing of the MOU is a key milestone in the PSC consolidation process. |
17 Feb 25 |
Egypt: bp announces start of production from Raven Second Development Phase, offshore Egypt bp has announced the start of production from the second development phase of the Raven field, offshore Egypt, which involves the subsea tieback of additional Raven infill wells to its existing onshore infrastructure as part of the West Nile Delta (WND) project. |
Egypt - more news
Other countries in this region
- Algeria,
- Angola,
- Bahrain,
- Benin,
- Botswana,
- Burundi,
- Cameroon,
- Central Africa Republic,
- Chad,
- Comoros,
- Congo (Brazzaville),
- Congo (Democratic Rep.),
- Cote d'Ivoire,
- Djibouti,
- Equatorial Guinea,
- Eritrea,
- Ethiopia,
- Gabon,
- Gambia,
- Ghana,
- Guinea (Republic),
- Guinea Bissau,
- Iran,
- Iraq,
- Israel,
- Jordan,
- Kenya,
- Kuwait,
- Lebanon,
- Liberia,
- Libya,
- Madagascar,
- Malawi,
- Mali,
- Mauritania,
- Mauritius,
- Morocco,
- Mozambique,
- Namibia,
- Niger,
- Nigeria,
- Oman,
- Palestine,
- Qatar,
- Rwanda,
- Sao Tome,
- Saudi Arabia,
- Senegal,
- Seychelles,
- Sierra Leone,
- Somalia,
- Somaliland,
- South Africa,
- South Sudan,
- Sudan,
- Syria,
- Tanzania,
- Togo,
- Tunisia,
- Uganda,
- United Arab Emirates,
- Western Sahara,
- Yemen,
- Zambia,
- Zanzibar,
- Zimbabwe