El Sisi sets out to turn Egypt from an oil deficit to an oil surplus country

Egypt has been a net oil exporter throughout most of its history. The oil and gas sector is one of the major contributors to its economy. However, the situation for Egypt changed significantly in 2006, when declining production and increasing consumption turned the country into an oil importer. By 2012, Egypt had become a net importer of both oil and gas for the first time in its history. Now, finally El Sisi, its current president, is taking steps to once again reverse the situation and turn it into an oil surplus country.

Egypt launches new bid round for oil and gas exploration

Egypt has opened a new international tender for oil and gas exploration rights in the Nile Delta and Mediterranean sea, as per a report.