• About Us
  • Careers
  • Brand Partnerships
TFI Official Merchandise
TFI English
TFI हिन्दी
Monday, January 30, 2023
TFIGlobal
TFIGlobal
Right Arm. Round the World. FAST.
No Result
View All Result
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIGlobal
TFIGlobal
No Result
View All Result

El Sisi sets out to turn Egypt from an oil deficit to an oil surplus country

Michael Mahanta by Michael Mahanta
December 30, 2022
in Africa
Reading Time: 3 mins read
0
El Sisi sets out to turn Egypt from an oil deficit to an oil surplus country
208
VIEWS
Share on FacebookShare on Twitter

Egypt has been a net oil exporter throughout most of its history. The oil and gas sector is one of the major contributors to its economy. However, the situation for Egypt changed significantly in 2006, when declining production and increasing consumption turned the country into an oil importer. By 2012, Egypt had become a net importer of both oil and gas for the first time in its history. Now, finally El Sisi, its current president, is taking steps to once again reverse the situation and turn it into an oil surplus country.

Egypt launches new bid round for oil and gas exploration

Egypt has opened a new international tender for oil and gas exploration rights in the Nile Delta and Mediterranean sea, as per a report.

Also Read

European cuisine set to get crunchier with crickets

How Haiti become a slave economy because of Citibank

The tender was set for 12 blocks, split evenly in onshore and offshore blocks, and the deadline for offers in the bid round was set for April 30, 2023, the tender announcement showed.

The minister of Petroleum and Mineral Resources Tarek El Molla said the tender offered by the Egyptian Natural Gas Holding Co. is part of the ministry’s strategy to increase investment in the oil and gas sector.

Egypt’s oil scenario

Egypt has vast oil reserves however it’s production has declined in recent years because of which depended on oil import. Egypt holds 4.4 billion barrels of proven oil reserves as of 2016, accounting for about 0.3% of the world’s total oil reserves of approx. 1.65 trillion barrels.

As of 2016, Egypt consumes 877,000 barrels per day, whereas it produces 682,904 barrels per day of oil. Thus, it is in a daily deficit of 194,096 barrels per day (bpd). Egypt imports crude petroleum primarily from Saudi Arabia, Kuwait, Iraq, United Arab Emirates. In 2020, Egypt imported $3.42B in crude petroleum.

It is widely known how the US arm-twists other nations with the threat of sanctions when they don’t serve US interests. For instance, not so long ago it tried to arm-twist India to not buy Russian oil. In fact, it wouldn’t be wrong to say, that the US actually uses arm-twisting as a state policy to force other nations to serve US interests.

Thus, Egypt by focusing on being self-sufficient in oil production has pre-empted any future attempt by the US to arm-twist Egypt to further its ambitions in Africa.

Egypt’s march toward oil self-suffieciency

Egypt also wants to achieve self-sufficiency in petroleum products by 2023. Egypt’s Minister of Petroleum and Mineral Resources, Tarek El Molla, said that Egypt will reach self-sufficiency in oil products by 2023, benefiting from its new development projects in the oil sector. He further added that Egypt will upgrade its existing refineries and build seven new ones as part of a $7 billion project. The new facilities will be able to produce 6.2 million tons of oil products per year. Egypt also has plans to become a major hub for exporting gas to Europe.

Further, reports suggest that over the past six years, Egypt has achieved 295 new petroleum discoveries, 197 crude oil discoveries and 98 gas discoveries in the areas of the western and eastern deserts, the Mediterranean, Sinai, Delta and the Gulf of Suez. Egypt has discovered 53 new oil and gas sites in 2022, according to the Ministry of Petroleum and Mineral Resources’ 2022 Achievements Report.

The new discoveries include 42 oil wells and 11 gas wells in the Western Desert, the Suez Gulf, the Mediterranean Sea, and Nile Delta. Egypt is also set to invest a total of $2.1 billion in oil and natural gas exploration plans until 2025.
Egypt for years has long been seeking to transform into a regional hub for trade in gas and petroleum and finally its efforts are bearing fruits. With all this, it is clear that Egypt’s oil imports will not only drop but it will also become an oil surplus country very soon.

Tags: AfricaEgyptEuropeOilShort takesUSWest
ShareTweetSend
Previous Post

Isabel dos Santos: Why Africa’s richest woman has landed in hot soup?

Next Post

Bhoo Varaha Swamy Temple Kallahalli: Timings, History, and Travel guide

Also Read

Lavrov’s presence in Eritrea is very unsettling for…..

Lavrov’s presence in Eritrea is very unsettling for…..

January 29, 2023
EU pins its hopes on South Africa to rescue it from the Ukraine crisis

EU pins its hopes on South Africa to rescue it from the Ukraine crisis

January 29, 2023
Nigeria’s killer move spells doom for Visa and Mastercard

Nigeria’s killer move spells doom for Visa and Mastercard

January 29, 2023
UAE backs Zambia’s Solar Dream

UAE backs Zambia’s Solar Dream

January 28, 2023
Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Trending
  • Comments
  • Latest
Did Ukraine use innocent civilians as human shield against Russia in the name of evacuation?

Did Ukraine use innocent civilians as human shield against Russia in the name of evacuation?

May 9, 2022
Saudi Arabia Caribbean

Saudi Arabia expands its Caribbean foothold with an $80m gift

January 22, 2023
Cuba Ally

Cuba in Ukraine war is impossible! USA has gone bonkers in its desperation

January 24, 2023
World Economic Forum

“Sex, sleaze, and drugs” is what WEF is all about

January 18, 2023
Orwellian “Ministry of Truth” becomes a reality in Biden’s America

Orwellian “Ministry of Truth” becomes a reality in Biden’s America

April 28, 2022
Jamaica: The Best Hotspot for Pure Tropical Fun

Jamaica: The Best Hotspot for Pure Tropical Fun

January 29, 2023
All 13 Premiers of Canada give Trudeau a wakeup call

All 13 Premiers of Canada give Trudeau a wakeup call

January 29, 2023
Canada and Denmark threatened by Russia’s new move

Canada and Denmark threatened by Russia’s new move

January 29, 2023
Finland could now throw out Western Companies, so it decides to tax them instead

Finland could now throw out Western Companies, so it decides to tax them instead

January 29, 2023
Trudeau’s data manipulation skills leave Cuomo in the dust

Trudeau’s data manipulation skills leave Cuomo in the dust

January 29, 2023
Youtube Twitter Facebook
TFIGlobal
  • About us
  • Contact Us
  • Terms of use
  • Privacy Policy

©2023 - TFI MEDIA PRIVATE LIMITED

No Result
View All Result
  • Premium
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean

©2023 - TFI MEDIA PRIVATE LIMITED

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Follow us on Twitter

and never miss an insightful take by the TFIGlobal team

Follow @tfiglobal
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. View our Privacy and Cookie Policy.