Egypt’s crude oil production peaked 1995/96 and declined since then. Natural gas liquid production added from 2005 could not offset that decline. Total petroleum consumption increased by around 3% pa since then which required imports of crude and finished petroleum products.
Egypt is now a net importer of both crude oil and finished petroleum products:
Data for the above graph are from: http://www.eia.gov/cfapps/ipdbproject/iedindex3.cfm
This production profile is from the Energy Institute in UK: http://www.energyinst.org/home
See also from Energy Files:
The Sumed pipeline runs 200-miles from Ain Sukhna on the Gulf of Suez to Sidi Kerir on theMediterranean. The Sumed’s original capacity was 1.6 million bbl/d, but with the completion of additional pumping stations, capacity has increased to 2.34 million bbl/d according to industry press. The pipeline is owned by the Arab Petroleum Pipeline Company (APP), a joint venture between EGPC (50 percent), Saudi Aramco (15 percent), a consortium of Kuwaiti companies (15 percent), the International Petroleum Investment Co of Abu Dhabi (15 percent), and Qatar (5 percent). According to APEX, oil flows through the Sumed pipeline in 2009 were 1.1 million bbl/d. This is down considerably from 2008 levels of 2.1 million bbl/d which can also be attributable to the oil market dynamics mentioned above. Closure of the Suez Canal and the Sumed Pipeline would divert tankers around the southern tip of Africa, the Cape of Good Hope, adding approximately 6,000 miles to transit time.
Egypt expects to up energy subsidies, maintain food subsidies
Egypt is expected to spend LE 67.6 billion on petroleum subsidies by the end of the current financial year
According to Beltone, food subsidies amount to around 4 percent of total spending, with wheat’s share at 3 percent, compared to energy subsidies, which represents more than 15 percent of total government spending and around 65 percent of total subsidies.
She said that more funds for food subsidies should be raised by reducing energy subsidy spending. But talk about reductions in government energy subsidies which has come up over the past year has evaporated on now only appear to be increasing as world oil prices rise.
Abdulla Ghorab, CEO of the Egyptian General Petroleum Corporation (EGPC), said that Egypt’s energy subsidy is expected to reach LE 86.8 billion for fiscal 2011/12 following a meeting with Minister of Petroleum, Sameh Fahmy earlier this week, according to the state-run Al-Ahram daily.