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 Jul 24 |
Egypt: TAG Oil provides flow test and production update for BED4-T100 horizontal well TAG Oil has announced that it is continuing to produce oil and unload fracture fluid from the BED4-T100 ('T100') horizontal well in the Badr-1 oil field in the Western Desert of Egypt, and has commenced shipping the crude oil for further treating and handling. |
03 Jul 24 |
Egypt: Apex International Energy issues operations and commercial update Apex International Energy, a privately held independent oil and gas exploration and production company focused on Egypt, has provided an update on operations and commercial developments from its eight concessions (6 operated) in the Western Desert oil producing region of Egypt for the first half of 2024. |
17 May 24 |
Egypt: TAG Oil announces successful production test results from BED4-T100 horizontal well TAG Oil has announced initial production test results on its BED4-T100 horizontal well, which tested at 800 barrels of oil per day. The T100 well has demonstrated encouraging results following a multi-stage hydraulic fracture stimulation targeting the Abu-Roash 'F' ('ARF') tight carbonate reservoir in the Badr Oil Field ('BED-1') in the Western Desert of Egypt. |
13 May 24 |
Egypt: QatarEnergy farms into ExxonMobil exploration blocks offshore Egypt QatarEnergy has signed a farm-in agreement with ExxonMobil to acquire a 40% participating interest in two exploration blocks offshore Egypt. The Cairo and Masry offshore exploration blocks were awarded to ExxonMobil in January 2023. |
06 May 24 |
Egypt: ADES Holding Company secures new award in Egypt ADES Holding Company, a world leading oil and gas drilling services provider, has announced that it has received a Direct Award of Contract (DAC) from Suez Oil Company (SUCO) in Egypt for a 21-month jackup drilling contract in the Gulf of Suez, expected to commence in the coming weeks. |
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