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News > World

Egypt Recent Oil Field Discoveries: From Imports to Exports

  • FILE PHOTO: A female employee fills the tank of a car at a petrol station in Cairo, Egypt, February 24, 2016. REUTERS/Mohamed Abd El Ghany/File Photo 07/11/2018 04:31.

    FILE PHOTO: A female employee fills the tank of a car at a petrol station in Cairo, Egypt, February 24, 2016. REUTERS/Mohamed Abd El Ghany/File Photo 07/11/2018 04:31. | Photo: Reuters file

Published 19 November 2018
Opinion

Egypt's recent underwater oilfield discoveries allow the largest Arab nation to halt imports and start exports.

Egypt's undersea natural gas discoveries come as a propelling force for its energy export economy, which have recently allowed the country to source its own import necessities and look to become a major regional exporter in the near future.

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Cairo has a “plan to become a regional energy hub,” stated former oil Minister Osama Kamai.

The past year has been one of important discoveries for the Egyptian economy, as four major oil fields were located off the countries’ Mediterranean coast. This includes the sizeable Zohr field, which was recently inaugurated by Abdel Fattah Al-Sisi, the president of the Arab Republic.

Zohr was discovered in 2015, however, only recently, as of September has Egypt been able to to "halt imports of liquified natural gas, which last year cost $220 million (190 million euros) per month," according to AFP.

In 2016, Egypt requested a US$16 billion loan from the International Monetary Fund. That same year, the budget deficit was 103 percent, which has recently lowered to 93 percent.

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