Egypt amongst top 10 African countries with largest proven crude oil reserves: Business Africa
In a report released on Tuesday, the platform stated that oil is a vital source of energy and economy in many African countries, which possess huge reserves of this precious resource.
It is a major source of economic revenue and plays a pivotal role in stimulating domestic economic growth and supporting Egypt's energy strategy in the coming years.
According to government data, Egypt is seeking to increase exploration activities in the oil sector, accelerate the attraction of investments, and enhance ongoing cooperation with private sector companies.
The General Petroleum Corporation announced its target to drill 41 new wells for oil and gas exploration, alongside production in the Eastern and Western Deserts and the Gulf of Suez, while also repairing and complete 39 wells in the company's various fields during the 2025-2026 fiscal year.
The 'Business Africa' report stated that despite the political challenges facing Libya, it remains the country with the largest oil reserves in Africa, ranking ninth globally.
The report added that oil has always been the cornerstone of many African countries' economies and contributes to strengthening Africa's position in the global energy market.
Oil has emerged as a cornerstone of economic growth across Africa, from North Africa to Sub-Saharan regions.
The continent's vast oil reserves have attracted significant foreign investment, generated employment opportunities, and boosted government revenues. Algeria, with its substantial reserves, is another notable African oil producer, ranking 15th globally.
West Africa, particularly Nigeria and Angola, is also a significant contributor to Africa's oil production.
Other countries such as South Sudan, the Republic of Congo, Uganda, Gabon, and Chad further solidify Africa's position as a major global oil player.
Edited translation from Al-Masry Al-Youm
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