Egyptian General Petroleum
Egyptian General Petroleum is a natural oil company and was established in the year 1956. It is owned by the Government of Egypt. Their principal activities are exploration, production, refining, marketing, transport and distribution of petroleum products. Up gradation of the company has been done as the Egyptian General Petroleum Corporation.
Egyptian General Petroleum is concerned with the implementation of all the plan and policies related to petroleum activities in Egypt, with the objective of securing and developing the petroleum wealth at its very best. They partially own large numbers of companies such as Gulf of Suez Petroleum Co., Badr el-Din Petroleum Company, Suez Oil Company, Amerya Petroleum Refining Co. and others. In the year 1956, Egyptian General Petroleum was the new name given to the GPA (General Petroleum Authority). Beside exploration and production Egyptian General Petroleum in the late 1980's it assigned high priority to downstream activities. The year 1990 was the most important year for Egypt General Petroleum as Egypt was among the countries with the highest concentration of foreign exploration activities with more than seven refineries all under the subsidiary of Egypt General Petroleum. After the shocks to oil marketing arising in the 1990's it began to offer incentives for foreign company to investment and exploration, including offering larger exploration regions and longer exploration contracts. EGPC faced many challenges in different year, in 1996 production reached at peak at 922,000 barrels per day but it dipped to 640,000 in 2001. Egypt only allowed exporting the natural gas in the year 2000. EGPC main focus was on exploration activity in hope of new resource and to increase oil recovery. Egyptian General Petroleum is confident that through exploration large oil reserves will be discovered.
In 1998 EGPC signed a 25-year franchise agreement with British Gas International to extend the Cairo natural gas grid pipeline. 2000 was the successful year for EGPC as Egypt allowed natural gas to be exported for the first time, signalling the country's commitment to this growing sector of the industry.
Though the oil industry was the only important source of income of foreign exchange for this Petroleum company log time back, it has currently almost degrade itself from its past high position. The analysis shows that if the condition continues, by 2020, Egypt may have to import oil from abroad.
But it's not the end, EGPC didn't rest on its laurel instead they hinged on their ability to develop and exploit natural gas while maintaining crude oil operations. It is still one of the major exporters of crude oil.
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