BP: Egypt’s fuel consumption hits 91 million tons in 2016

Offshore

Egypt’s consumption of various energy resources rose 4.7% to reach 91 million tonnes of oil equivalent in 2016, compared to 86.7 million tonnes in 2015, according to a report issued by Britain’s BP.

Egypt’s oil consumption reached 40.6 million tonnes of oil equivalent during 2016, while gas and coal consumption were seen at 46.1 million tonnes and 400,000 tonnes, respectively, in the same year.

Meanwhile, hydropower consumption neared 3.2 million tonnes of oil equivalent, and about 600,000 tonnes of renewable power, the report showed.

Daily consumption in the Egyptian market jumped 2.8% to 853,000 barrels per day (bpd) last year, compared 830,000 bpd in 2015.

According to BP, Egypt’s oil production fell 4.8% to 33.8 million tonnes in 2016, compared to 35.4 million tonnes the year before.

Egypt’s proven oil reserves are 3.5 billion barrels (500 million tonnes), representing 0.2% of global reserves, BP said.

By the end of 2016, the volume of Egypt’s gas reserves represented 1% of total global reserves, or about 1.8 trillion cubic metres (65.2 trillion cubic feet).

Venezuela ranked first in proven oil reserves in 2016 with 300.9 billion barrels, representing 17.6% of global reserves, followed by Saudi Arabia with 266.5 billion barrels (15.6%), and Canada with 171.5 billion bpd (10%), according to BP’s report.

(Source: Mubasher)

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