Middle East / Africa

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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

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.
26 Apr 24
Egypt: TAG Oil commences flow back of BED4-T100 horizontal well
TAG Oil has successfully pumped all twelve planned stages of its multistage hydraulic frac on its BED4-T100 well location within the Badr Oil Field ('BED-1'). A further update will be provided in due course on the well tie-in and facilities configuration after production volumes have been established.
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.

Egypt - more news

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