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
19 Apr 24 |
Egypt: SDX Energy announces sale of West Gharib asset in Egypt SDX has executed a binding sale and purchase agreement ('SPA') for the disposal of the Company's West Gharib interests in Egypt. The Company also continues to progress the binding documentation for the sale of its South Disouq assets. |
16 Apr 24 |
Egypt: United Oil & Gas announces receipt of Egyptian receivables of $1 million in USD AIM-listed United Oil & Gas has announced an update in relation to Egyptian receivables. United has received a payment from Egyptian General Petroleum Corporation ('EGPC') for USD $1 million. The funds will be used to extinguish the debt and leave the Company debt free while the paperwork to withdraw from Abu Sennan concession is finalised. |
21 Mar 24 |
Egypt: PGS releases first data from 2023 Egypt MC3D survey PGS has announced that early-out data is now available for the EGY23 Merneith & Luxor MultiClient program. This provides the first 3D seismic data over the deepwater area between the Nile delta and the Herodotus Basin. |
19 Mar 24 |
Egypt: TAG Oil completes drilling stage of BED4-T100 horizontal well TAG Oil has announced a significant milestone in its ongoing exploration and development efforts within the Badr Oil Field with the successful completion of the drilling phase for the BED4-T100 horizontal well. The well has penetrated an over-pressured reservoir with regions of exceptional porosity and permeability. During drilling operations, there have been clear signs of free oil flowing into the wellbore and to surface. |
04 Mar 24 |
Egypt: Shelf Drilling secures contract extension on Rig 141 in Egypt Shelf Drilling has secured a two-year contract extension for the Rig 141 jack-up rig in direct continuation of its current term with Gemsa Petroleum Company for operations in the Gulf of Suez offshore Egypt. |
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,
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- Saudi Arabia,
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- Sierra Leone,
- Somalia,
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- South Africa,
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- Tunisia,
- Uganda,
- United Arab Emirates,
- Western Sahara,
- Yemen,
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- Zanzibar,
- Zimbabwe