Deepwater oil operation puts Egypt on the map
Egypt, Economics, 9/12/2000

Construction is underway on Egypt's first offshore oil platform, the only deepwater petroleum operation in the Middle East.

Speaking to reporters during an inspection tour of Delta oil exploration projects yesterday, Minister of Oil Sameh Fahmi said the platform is being built in deepwater near the West Delta and will be operational by 2003.

He added that world experts had assessed Egypt's offshore oilfields as being on par with those of the North Sea and Gulf of Mexico.

Rashid Petroleum Company is in charge of the oilfield's development process in cooperation with British Gas and Italy's Addison.

The latest technology will be used to transfer the oil and natural gas from the offshore reserves.

Fahmi pointed out that his ministry, in coordination with the Egyptian Environment Authority (EEA), conducts all necessary environmental studies before launching any oil exploration or drilling operations.

Previous Stories:
  Egyptian oil exports hit $ 2.5 billion, Gas export to rise   (9/6/2000)
  IMF Forecasts a continuation of Egypt's economic growth   (9/6/2000)
  New Egyptian petroleum strategy in the new millennium   (8/30/2000)

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