Egypt achieved remarkable transformation in energy sector: Study

CAIRO - 17 January 2023: A recent study issued by the Egyptian Center for Thought and Strategic Studies confirmed that, in recent years, Egypt has been able to achieve a remarkable transformation in the energy sector.

 

She pointed out that Egypt is working to increase the volume of proven reserves of oil and gas, and to increase and enhance the volume of daily production by supporting new exploration operations, because of its impressive returns in the economic development process that Egypt is targeting.

 

The study also highlighted the importance of these exploration operations on raising the percentage of the sector’s contribution to the gross domestic product, controlling domestic consumption and rationalizing energy consumption to support energy exports in a way that contributes to increasing Egypt's national income.

 

Egypt is also pushing towards various energy sources and shifting towards the use of alternative energy sources, such as: solar energy, water energy, wind energy and other renewable energy sources.

 

The study indicated that the climate conference held in Sharm El-Sheikh last November represented an important step to enhance long-term cooperation between countries on the transition to clean energy, through which Egypt signed several memorandums of understanding between it and a number of countries, international bodies and multinational companies.