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
|09 May 23
||Egypt: TAG Oil achieves first oil production in the Badr oil field, Western Desert, Egypt
TAG Oil has announced the successful re-entry of the vertical well, BED 1-7, at the Badr Oil Field ('BED-1') in the Western Desert, Egypt.
|03 May 23
||Egypt: Subsea Integration Alliance awarded contract offshore Egypt
Subsea 7 has announced the award of a substantial contract to Subsea Integration Alliance by bp and its JV partner Wintershall Dea for the Raven Infills Project, offshore Egypt.
|11 Apr 23
||Egypt: DNV and Egyptian General Petroleum Corporation sign MoU to support sustainability program
DNV, the independent energy expert and assurance provider, strengthened its commitment to tackling climate change through a Memorandum of Understanding (MoU) made with the Egyptian General Petroleum Corporation (EGPC) to support their effort to set science-based targets for their net zero goals.
|04 Apr 23
||Egypt: United Oil and Gas announces Egypt operations update
AIM-listed United Oil & Gas has provided an update on operations in the Abu Sennan licence, onshore Egypt. The ASD-3 development well has commenced drilling in an area of the field the Company believes contains extensive unrecovered resources.
|28 Mar 23
||Egypt: Cheiron Energy brings GNN oil field Early Production Facility on stream
Cheiron Energy, the largest independent Egyptian oil and gas E&P company, has announced that the Early Production Facility ('EPF') for the GNN oil field in the Gulf of Suez has been brought on stream. The GNN field is located in the Geisum and Tawila West Concession.
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,