Middle East / Africa

Egypt flag
Summary | Profile

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)

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

22 Feb 24
Egypt: TAG Oil provides update on BED4-T100 well in the Western Desert
TAG Oil has provided the following update on drilling progress of the BED4-T100 horizontal well in the Badr Oil Field ('BED-1') in the Western Desert of Egypt.
14 Feb 24
Egypt: ADNOC and bp to form gas joint venture
ADNOC and bp have agreed to form a new joint venture in Egypt. The JV (51% bp and 49% ADNOC) will combine the pair’s deep technical capabilities and proven track records as it aims to grow a highly competitive gas portfolio.
26 Jan 24
Egypt: Longitude wins deep-sea engineering on Egypt’s Burullus
Independent engineering consultancy Longitude Engineering, part of ABL Group – the Oslo-listed global consultancy group, has been awarded a contract to provide detailed design & engineering services for the subsea development of Phase-X at Egypt’s West Delta Deep Marine concession, part of the Burullus Gas Field in the Mediterranean Sea.
22 Jan 24
Egypt: United Oil & Gas receives Notice of Default from the Operator of the Abu Sennan Concession
United Oil & Gas has received a default notice from Kuwait Energy Egypt for outstanding cash calls in relation to the Abu Sennan concession.
18 Jan 24
Egypt: PGS expands 3D GeoStreamer in Egypt’s West Mediterranean
The latest in a series of PGS surveys offshore Egypt will enable better understanding of shelfal and transform margin potential at the western extremity of Egypt’s offshore area. The Ramform Hyperion is acquiring the EGY24 Nefertiti survey, with an efficient high-resolution GeoStreamer spread.

Egypt - more news

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