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New gas discoveries in the Mediterranean
Egypt, Economics, 8/28/2001
Experts are currently evaluating two new natural gas and petroleum condensate discoveries in the Mediterranean.
The first field is located in the north of Idku offshore region and the second is north of Alexandria. Both discoveries were made at depths of 800 meters, with a gas layer at a depth of 2000 meters.
Promising future for natural gas in Egypt, especially in the Mediterranean has motivated international companies to invest in exploration operations.
Natural gas production is expected to increase drastically to 5 billion cubic feet per day by year 2010.
The head of BP, David Nigel, said BP has come to an agreement with the Italian company Eni and the Egyptian General Petroleum Corporation (EGPC).
The two companies will purchase gas from the EGPC, which, according to the agreement, will be supplied with gas from mid-2004.
Previous Stories:
Exchange market stable, no intention to float pound
(8/27/2001)
829 new industrial projects
(8/25/2001)
Egyptian exports to US market up by 21.9%
(8/25/2001)
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