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New oil finds in Eastern Desert
Egypt, Economics, 10/9/2001
New oil finds have been made, the Egyptian General Petroleum Corporation (EGPC) announced yesterday.
The first of the two finds is in Eastern Rabeh region, west of the coastal city of Hurghada. It is the first discovery in a Canadian concession area. The new find has a reserve amounting to 33 million barrels, with an expected output ceiling of 3.300 barrels per day.
The 5,976 foot-deep well would begin production soon.
The second off-shore find is located in the US "Ocean" concession area. It holds a reserve of 60 million barrels and a daily output estimated to hit 8,000 barrels, the EGPC statement said.
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