Oil production in 2005 was 696,000 barrels per day (110,700 m 3 /d), (down from 922,000 barrels per day (146,600 m 3 /d) in 1996), of which crude oil accounted for 554,000 barrels per day (88,100 m 3 /d). The National oil company is the Egyptian General Petroleum Corporation .
Is Egypt an oil importer?
Current levels of oil production in Egypt are not sufficient to cover domestic consumption, which averaged 760,000 bpd in 2018, and therefore the country has been an oil importer since 2006. However, oil exploration activity has increased in the years following the country’s return to political stability in 2013.
How many natural gas and crude oil fields are there in Egypt?
Six natural gas and crude oil fields development projects have been successfully implemented and completed in 2021, with total investments exceeding $4 billion. Egypt is well known for its natural gas activities and large discoveries, which started in early 1960s and was crowned by the discovery of the giant Zohr field in 2015.
When will oil & gas exploration start in Egypt?
According to the U.S. oil and gas giant, it is set to drill the first oil and natural gas exploration well in its concession area in the Red Sea in Egypt during the first half of 2024. This follows extensive seismic surveys, geological studies, and geophysical data collection by the company earlier this year.