The data also indicated that Egypt’s oil production significantly declined from its highest point in March 2021, when it produced 6,133 million m3, to 4,288 million m3 in May 2024 -- a 30 percent decrease.

JODI is a global energy data provider coordinated by the International Energy Forum (IEF) in 2005. It aims to improve market transparency, ease the process of making well-informed decisions, improve the stability and confidence of the market, strengthen energy security, and speed up transforming into a sustainable energy future.

This decline in production levels indicates that Egypt may have to withdraw from its position as a natural gas exporter, relying more on Liquefied Natural Gas (LNG) imports.

In June, the crisis in gas production caused major fertilizer producers to halt their operations after natural gas supplies to factories were suspended to fuel power plants to solve the power outage crisis.

Furthermore, Prime Minister Mostafa Madbouly stated on Saturday that the daily electricity consumption in the country exceeded 37 gigawatts, a 12 percent increase from the previous year, thus causing a deficit of 4 gigawatts.

Madbouly also noted that the government is currently seeking to speed up the implementation of renewable energy projects to help bridge the gap and decrease energy imports. The government plans to obtain 58 percent of its electricity needs from renewable sources instead of 20 percent currently.

Similarly, Egypt has signed seven Memoranda of Understanding (MoUs) with international developers to establish green hydrogen and renewable technology projects worth $40 billion.

 According to the World Economic Forum, these projects will be in the Suez Canal Economic Zone (SCZONE).

Moreover, the government has decided to end the electricity outage starting Sunday after the EU approved a $57 billion financing package.

Egypt also announced on Tuesday that it received five shipments of Liquified Natural Gas (LNG), out of 21 shipments, contracted in June. These shipments should provide the fuel for power plants to solve Egypt’s natural gas crisis and end the load-shedding program.