Unprecedented oil discoveries in Egypt
Egypt, Economics, 1/4/2000

Egyptian Minister of Oil and Mineral Resources Sameh Fahmi on Monday announced an unprecedented oil discovery in the Mediterranean that will help raise Egypt's oil reserves from 3.7 to 8.2 billion barrels.

The Egyptian minister added that the three international oil companies in the Mediterranean also discovered at the same site fields natural gas.

The natural gas reserves also rose to 120 trillion cubic feet from 36.5 trillion cubic feet. These reserves will guarantee Egypt's reserves to 100 years from natural gas, and 25 years from crude oil, an official statement said.

The state's quota is estimated at 4.5 billion barrels.

The Egyptian minister said that oil production in the new field will begin in the fiscal year 2001- 2002, which starts in June.

Meantime in this regard, President Hosni Mubarak had several directives:

1. To urge foreign companies to immediately start exporting natural gas.
2. To swiftly extend gas pipelines to the countries that need gas supplies
3. To expand using natural gas locally and use it in industrial operations in Upper Egypt.
4. To use natural gas in petrochemicals and fertilizers industry.
5. To agree on the participation of natural gas importing countries and set up liquefaction units.

Previous Stories:
  Iraq hails cooperation with Egypt   (12/29/1999)
  A review of Egypt's economic activities in 1999 in different sectors   (12/28/1999)
  Fitch IBCA lauds Egypt's economic stability   (12/21/1999)

Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.

Search