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Egypt hedges a third of its oil and petroleum needs for fiscal year 2023-24, which amounts to 35 percent, to avoid rising international oil prices
Egypt hedges a third of its oil and petroleum needs for fiscal year 2023-24, which amounts to 35 percent, to avoid rising international oil prices.
The hedging contracts that were agreed to be executed ranged between US$75 and US$80 per barrel, and about 35 percent of the total oil needs that the country imports from abroad each year, amounting to 100 million barrels, have been hedged.
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Egypt decided to adopt the price of a barrel of oil at US$80 in the budget for the current fiscal year, a decline of 15 percent from the price of a barrel in the previous budget, while the price of a barrel of oil currently ranges between US$85 and US$86 in international markets.
Minister of Petroleum and Mineral Resources Tarek El-Molla announced that 35 new natural gas wells will be drilled during 2024-25 with investments exceeding US$1.5 billion, to increase production rates and reserves.
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The drilling of 10 wells was completed during 2022-23 and resulted in a number of discoveries, the most important of which was the discovery of Nargis in the Mediterranean with reserves of about 2.5 trillion cubic feet of gas.
