Egypt has suffered from significant social and political unrest. This resulted in a drop in oil and gas production levels at the same time as domestic energy consumption was rising. Egypt was facing a serious energy crisis. The election of Abdel Fattah al-Sisi as president in June 2014 proved to be a turning point:
- There has been a substantial reduction in the level of fuel subsidies.
- Significant steps have been taken to repay debts owed to international oil and gas companies.
- There is ongoing diversification of energy sources, with more renewable power projects and increasing imports of liquefied natural gas (LNG).
The future looks positive. A number of agreements have recently been signed by international oil and gas companies and it seems Egypt is still a destination for international investment.