Egypt possesses 2.4 billion barrels of oil and condensate reserves as of October 2017, a senior official at the Egyptian General Petroleum Corporation (EGPC) told Egypt Oil & Gas.
This figure marks a decline from the previously announced figure of 3.57 billion barrels of reserves, which as announced in 2016.
In fiscal year (FY) 2015/2016, Egypt had 665 million barrels of oil reserves in the Western Desert.
In June, Egypt production and consumption of crude oil, condensates, and butane fell.
Egypt consumed 3.02 million tons of crude oil, condensates, and butane, down 13.5% from the 3.49 million tons consumed in June 2016. Production fell at a more modest rate. In June, Egypt produced 2.7 million tons of crude oil, condensates, and butane, down 4.3% from the 2.82 million tons it produced in June 2016, according to the statistics of the Central Agency for Public Mobilization and Statistics (CAPMAS).