ENERGY & POWER
Energy & Power
The petroleum industry plays a key role in the Egyptian economy as a major source of foreign currency. The first oil development began in 1860. Some 150 years later, Egypt is the largest non-OPEC oil producer in Africa, as well as the second largest gas producer on the continent. Most reserves are located in the Gulf of Suez, the White Desert and the Nile Basin/Mediterranean regions. Natural gas is the largest source of energy in Egypt, it fueled 77% of Egypt’s electricity generation in 2013.
Since the late 1980s, Egypt’s extractive industries have witnessed a wave of privatization. The sector is now comprised mostly of state entities and joint ventures made up of international and domestic companies. The sector is undergoing reforms as recent resource discoveries aim to bridge national energy deficit and a program to secure more sustainable energy sources is being reassessed.