RESEARCH & ANALYSIS
AN OVERVIEW OF
EGYPT'S PETROLEUM PRODUCTION IN 2018
BY REHAM GAMAL AND AMINA HUSSEIN
T
he petroleum sector is one of the key factors affecting Egypt’s economic growth. Petroleum and gas extractions within the sector in the F reached EGP 281,721 million, representing 8.3% of the total GDP while in FY 2017/18 the petroleum and gas extractions increased to aro representing 9.8% of the total GDP with a rate of change of about 18% year-on-year (YOY), according to the Central Bank of Egypt (CBE). Curr Petroleum and Mineral Resources (MoP) is implementing a modernization program, which aims to reach the sector’s full potential by 2021 and development engine.
Petroleum Sector Share in planning to expand the petroleum sector and which proceed accordingly boosted Egypt's oil production and (YoY) GDP (%) in old discoveries as well as new where largepetroleum area of reserves, declared the MoP. the country has not been explored yet.
1- CRUDE OIL
9.8
8.3 18%
2016/17
2017/18
FY
During 2018, 69 oil and gas discoveries were the result Egypt has a long history as an oil-producer as the fi of the MoP’s continuous efforts and achievements, discovered oil field was explored around 140 years ag Since then, Egypt was able to save its position as one the largest crude oil producers in the continent. Egyp crude oil production is supported by its developed infrastructure, low production costs, and relatively Oil and Gas discoveries large volumes of both onshore and offshore fields.
69
Major international oil companies (IOCs) have been attracted to Egypt ever since the government started 18 | EGYPT OIL & GAS NEWSPAPER
took place in 2018
During 2018, the Egyptian government announced 51 crude oil discoveries. The government faced the natural decline in the production of oil fields by addi