Egypt Oil and Gas Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The Egyptian oil and gas market is expected to witness a CAGR of around 8% during the forecast period. The COVID-19 pandemic has significantly impacted the Egyptian market, with low crude oil prices in 2020. Lower crude oil prices created an unfavorable market atmosphere for all the crude oil producers in Egypt, collecting low revenue in 2020. For instance, the petroleum trade balance in H1 of 2019/20 was USD 733.3 million deficit, compared to USD 150.8 million surpluses in H1 2018/19. The Egyptian oil and gas market witnessed robust growth primarily due to the country's favorable government policies and high production rate. However, global inclination toward renewable fuels may also adversely affect the oil and gas demand in national and international markets, as the country exports most of its petroleum.
Key HighlightsThe Egyptian oil and gas market is moderately fragmented. Some of the key players are BP PLC, Shell PLC, Total Energies SE, Eni SpA, and ExxonMobil Corp.
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