petroleum

Madbouly Reviews Funding Plans for Strategic Petroleum Reserves | Egypt Oil & Gas

2026-04-06 11:20:00 UTC

PM Madbouli follows up key fiscal and economic priorities, highlights stability - Egyptian Gazette

2026-04-06 11:20:00 UTC

Egypt's Prime Minister Moustafa Madbouli has emphasised that the state places utmost importance on securing sufficient financing to meet the country’s

Finance Minister prioritises development financing, curbs commercial borrowing - Dailynewsegypt

2026-04-06 11:20:00 UTC

Finance Minister Ahmed Kouchouk said the government is working to reduce budget sector debt and the overall deficit, while maintaining a primary surplus to lower debt servicing costs and create greater fiscal space for spending on human development and social protection. He added that efforts are underway to diversify financing sources, instruments and markets, with

Petroleum, also known as crude oil or simply oil, is a naturally occurring, yellowish-black liquid chemical mixture found in geological formations, consisting mainly of hydrocarbons. The term petroleum refers both to naturally occurring unprocessed crude oil, as well as to petroleum products that consist of refined crude oil.

Petroleum is a fossil fuel formed over millions of years from anaerobic decay of organic materials from buried prehistoric organisms, particularly planktons and algae. It is estimated that 70% of the world's oil deposits were formed during the Mesozoic, 20% were formed in the Cenozoic, and only 10% were formed in the Paleozoic. Conventional reserves of petroleum are primarily recovered by drilling, which is done after a study of the relevant structural geology, analysis of the sedimentary basin, and characterization of the petroleum reservoir. There are also unconventional reserves such as oil sands and oil shale which are recovered by other means such as fracking.