Fahmi tours four offshore wildcat wells Egypt's huge reserves attract int'l companies
Egypt, Economics, 3/9/2002

"Egypt is currently witnessing intensive activities by world major companies to prospect for oil and natural gas and develop discovered offshore fields in the Mediterranean Sea," said Minister of Petroleum Sameh Fahmi.

The Minister was touring offshore wildcat oil wells and natural gas in the west Mediterranean as carried out by the British Petroleum Company (BP).

"Costs of digging these four wells in the west Mediterranean and northern Edko hit $ 30 million in association with US Apache Company," he said.

Touring the first wildcat well (Ruby-l), which is 70 kilometers north of Alexandria at a depth of 930 meters, Fahmi said the targeted depth of this well is 2,200 meters under the sea.

"BP investments in the field of oil and gas prospecting for the three years to come hit $ 1 billion in their concession areas in Delta, the Mediterranean, Gulf of Suez and Western Desert," said the Minister.

Eng. Hisham Mekkawi, Head of BP in Egypt, said that the company's investments exceeded $ 11 billion in the past 40 years, including more than $ 500 million in the past three years in the Delta and the Mediterranean.

"BP is the biggest crude oil producer and the second biggest natural gas producer in Egypt," said Mekkawi.

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