Ministry of Petroleum Egypt
The Ministry of Petroleum Egypty is located in Cairo, Egypt.
Mission of the Ministry
- Supporting oil and gas reserves and increasing their production.
- Meeting the local demand of oil, gas and petrochemicals.
- Supporting the exports and increasing Egypt's income from foreign currency and the state's treasury.
- Setting up clear achievable national plans.
- Increasing job opportunities for youth and improving the workers skills.
- Dealing with developed countries and keeping abreast of technology.
- Developing and restructuring the mineral resources sector.
Oil and Gas in Egypt
Hydrocarbons play a sizeable role in Egypt’s economy both from oil and natural gas production and also in terms of revenues from the Suez Canal, an important transit point for oil shipments out of the Persian Gulf. Total oil production, however, has declined since the country’s 1996 peak of close to 935,000 barrels per day (bbl/d) to current levels of about 660,000 bbl/d. Egypt’s consumption is slightly higher than production and the country has begun to rely on a small volume of imports to meet domestic demand. Egypt also has the largest oil refining sector in Africa and since refining capacity now exceeds domestic demand, some non-Egyptian crudes are currently imported for processing and re-export.