{"id":573960,"date":"2020-08-25T04:14:01","date_gmt":"2020-08-25T04:14:01","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/25\/egypt-to-reduce-oil-imports-to-18-4-mn-tonnes-in-current-fiscal-year-sources\/"},"modified":"2020-08-25T04:14:01","modified_gmt":"2020-08-25T04:14:01","slug":"egypt-to-reduce-oil-imports-to-18-4-mn-tonnes-in-current-fiscal-year-sources","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/25\/egypt-to-reduce-oil-imports-to-18-4-mn-tonnes-in-current-fiscal-year-sources\/","title":{"rendered":"Egypt to reduce oil imports to 18.4 mn tonnes in current fiscal year -sources"},"content":{"rendered":"

<\/a> A positive spin on covid:<\/strong> Egypt\u2019s petroleum imports will fall 17.1% this <\/strong>fiscal <\/strong>year<\/strong>: <\/strong>Egypt will reduce its imports of oil and petroleum products in FY2020-21 to 18.4 mn tonnes, a 17.1% y-o-y drop from the 22.2 mn tonnes imported in FY2019-20. This should bring our fuel import costs down to USD 13.1 bn, from USD 16.1 bn last year, the local press<\/a> reported, citing unnamed Oil Ministry sources. While it is very likely that covid-19 and the lockdown have significantly reduced our consumption of fuel, the sources stressed that it marks a steady trend in declining imports \u2014 Egypt had imported 28.4 mn tonnes in FY2018-2019 \u2014 as the country ramps up exploration and sets up new production fields on existing production lines in an effort to cover more of its domestic consumption.<\/p>\n

And they wouldn\u2019t be wrong:<\/strong> State-owned Egyptian General Petroleum Corporation (EGPC) signed nine oil and gas exploration and production agreements<\/a> this year that will see companies including Shell, Apache, and Petronas invest at least USD 452 mn to drill 38 wells in concessions in the Mediterranean and Western Desert. The EGPC plans to drill 40 new exploration and development wells with investments of EGP 2.6 bn, and bring its total production to about 106 bbl\/d in FY2020-2021, according to figures in the Oil Ministry\u2019s planning budget<\/a>.<\/p>\n

Reducing our dependence on foreign oil will likely get a big shot in the arm<\/strong> from the government\u2019s plan to have us all driving natgas cars. Take a deep dive into the plan<\/strong> with our three-part series in Hardhat: Part 1<\/a>, part 2<\/a>, and part 3<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

A positive spin on covid: Egypt\u2019s petroleum imports will fall 17.1% this fiscal year: Egypt will reduce its imports of oil and petroleum products in FY2020-21 to 18.4 mn tonnes, a 17.1% y-o-y drop from the 22.2 mn tonnes imported in FY2019-20. This should bring our fuel import costs down to USD 13.1 bn, from […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[5760,557,72,91,594,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-573960","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-apache-and-petronas","tag-egyptian-general-petroleum-corporation","tag-enterpriseam","tag-oil-and-gas","tag-shell","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"2b085390-a235-438f-81ea-88b9c4305f40","is_powered_by":true,"section_story_id":"ff816b7c-7eaf-4b1f-ac4c-be6ec4df8325","story_type":"1","photo_url":"","photo_position":"above","related_issue":[573945],"teaser":"","voice_url":""},"yoast_head":"\nEgypt to reduce oil imports to 18.4 mn tonnes in current fiscal year -sources - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/25\/egypt-to-reduce-oil-imports-to-18-4-mn-tonnes-in-current-fiscal-year-sources\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt to reduce oil imports to 18.4 mn tonnes in current fiscal year -sources\" \/>\n<meta property=\"og:description\" content=\"A positive spin on covid: Egypt\u2019s petroleum imports will fall 17.1% this fiscal year: Egypt will reduce its imports of oil and petroleum products in FY2020-21 to 18.4 mn tonnes, a 17.1% y-o-y drop from the 22.2 mn tonnes imported in FY2019-20. 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GASC accounted\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568098,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/17\/zero-to-60-in\/","url_meta":{"origin":573960,"position":3},"title":"Zero to 60 in\u2026?","author":"enterpriseam admin","date":"17 December 2020","format":false,"excerpt":"Some 250k old cars will be taken off the road and outfitted with dual-fuel engines by the end of 2023 under the first phase of the government\u2019s multi-year natural gas transition plan, which will kick off at the start of 2021, Trade Minister Nevine Gamea said on the airwaves this\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/307.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597558,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/30\/egypt-wants-to-double-oil-imports-from-kuwait-next-year\/","url_meta":{"origin":573960,"position":4},"title":"Egypt wants to double oil imports from Kuwait next year","author":"enterpriseam admin","date":"30 July 2019","format":false,"excerpt":"Egypt wants to double its crude imports from Kuwait to 4 mn bbl a month next year, official sources told Al Rai. The government has reportedly asked to renew its three-year oil supply contract when it expires, but has requested more favorable payment terms which would extend the grace period\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572553,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/29\/egypt-imports-5-mn-tonnes-of-wheat-in-1h2020\/","url_meta":{"origin":573960,"position":5},"title":"Egypt imports 5 mn tonnes of wheat in 1H2020","author":"enterpriseam admin","date":"29 June 2020","format":false,"excerpt":"Egypt imported 5 mn tonnes of wheat in 1H2020, down 16.6% compared to 6 mn tonnes in the same period last year, the local press reports, citing official data. State grain buyer GASC accounted for a little over half of the imports, while the remainder was imported by private sector\u2026","rel":"","context":"In "Diplomacy + Foreign Trade"","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/573960","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=573960"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/573960\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/573945"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=573960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=573960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=573960"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=573960"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=573960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}