Speed up deep-sea oil and gas development to revitalize the economy
Speed up deep-sea oil and gas development to revitalize the economy
Oil and gas is an important cornerstone of the industrial system of Brazil and Egypt, especially deep-sea oil and gas by the two governments have high hopes,
become its vigorously develop the energy economy, pulling the important engine of economic growth.
In recent years, Brazil's economic growth has slowed down significantly, the Brazilian government has launched and implemented two phases of “accelerated growth plan”
to promote economic growth. Last August, the Brazilian government launched a new version of the “Accelerated Growth Plan”, and hopes that Chinese enterprises will actively participate in the program.
The program funds will mainly come from the federal government's financial allocations, the private sector, state-owned enterprises represented by Petrobras, as well as loans.
It is worth noting that the energy sector is one of the priorities of the program. Petrobras responded positively to the 2024 ~ 2028 five-year E&P planning investment set at about $73.5 billion,
significantly higher than the 2023 ~ 2027 five-year planning investment of $64.3 billion, mainly for the promotion of deep-sea oil and gas to increase reserves and production.
Due to the new crown epidemic, geopolitical and other factors to the Egyptian economy has brought a serious impact, natural gas for Egypt to revitalize the importance of the economy has
become more and more prominent. The British Energy Research Institute released the World Energy Statistics Yearbook 2024 data show that compared to Egypt's crude oil production fell from 33.84 million tons
in 2016 to 29.82 million tons in 2023, natural gas production grew from 40.3 billion cubic meters in 2016 to 57.1 billion cubic meters in 2023, of which deep-sea natural gas is the main contributor. Currently,
the Egyptian government is actively attracting foreign investment and vigorously implementing plans to increase deep-sea gas production to cope with economic pressure. In January this year,
Egypt officially became a member of BRICS and hopes to strengthen ties with China and other BRICS countries. China and Egypt are comprehensive strategic partners, and deep-sea natural gas is expected to
become a new highlight of Sino-Egyptian energy cooperation.
