Egypt is a significant oil producer and has the largest refining sector in Africa. But due to rising domestic demand, it does import some petroleum products. Production has declined, though modestly, and was at 736,000 barrels per day in 2010. Natural gas is expected to become a larger source of revenue due to increased exploration.
Catherine Hunter, an analyst at British IHS Global Insight, commenting on the economic impact of the Arab Spring said that, "If you look at how other sectors have been declining, oil and gas investments and Suez Canal revenues have remained the two pillars of the Egyptian economy during the turmoil," UPI reports. Apache Corporation, an American oil and gas exploration firm, says it will invest $1 billion in the country in the next two years.
