According to the Egyptian press, the country's oil industry has enjoyed major success during the 2009-10 financial year which ended on 30th June. The Egyptian Petroleum Authority (EPA) reported that the country's proven reserves of oil and natural gas rose to 18.3 billion barrels in 2009-10, and that they are expected to rise to 20 billion barrels in the next two years. During the last decade, Egypt has achieved considerable success with its oil and gas discoveries, reportedly exceeding those of Libya, Tunisia and Algeria combined.
The combination of relatively attractive fiscal terms – certainly when compared with those in Algeria and Libya which are both also experiencing bouts of resources nationalism – plus the sustained onshore and offshore drilling and exploration programmes in a wide variety of regions across Egypt has led to an influx of small and large IOCs thereby increasing oil reserves.
In 2009, gas was the dominant fuel for Egypt, accounting for an estimated 50 per cent of it primary energy demand, followed by oil at 43.1 per cent. During the year, Egypt signed agreements with IOCs with a total value of US$8 billion including last month's major deal signed with BP and its partner RWE to develop their offshore fields.
For more news and expert analysis about Egypt, please see Egypt Politics & Security.
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