Egypt decided to adopt the price of a barrel of oil at $80 in the budget for the current fiscal year, a decline of 15% from the price of a barrel in the previous budget. In contrast, the price of a barrel of oil currently ranges between 85 and 86 dollars in international markets.
Egypt hedged up to 35% of its petroleum needs for the current fiscal year 2023/2024, which ends next June, against the risks of rising global oil prices, according to Asharq Bloomberg citing unnamed sources.
Egypt decided to adopt the price of a barrel of oil at $80 in the budget for the current fiscal year, a decline of 15% from the price of a barrel in the previous budget, while the price of a barrel of oil currently ranges between 85 and 86 dollars in international markets.
The hedging contracts that were agreed to be executed ranged between 75 and 80 dollars per barrel, and about 35% of the total oil needs that we import from abroad annually, amounting to 100 million barrels, have been hedged, the source told Ashraq Bloomberg.
Last month, Petroleum Minister El-Molla announced that British Petroleum (BP) plans to drill four new natural gas exploratory wells during the fourth quarter of the current year 2023.
Two wells will be drilled in the Raven gas and condensate field in the North Alexandria and West Mediterranean, while two others will be drilled in King Mariout offshore concession in the western Mediterranean.
BP also has investment plans worth $3.5 billion with its partners in Egypt during the next 3 years in the areas of research, exploration and development.
