Fahmi: Egypt's huge oil reserves attract in'l companies
Egypt, Economics, 3/19/2002

Egypt is currently witnessing intensive activities by major world 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 British Petroleum (BP).

"Industrial safety measures must also be applied to oil and natural gas prospecting fields," added Fahmi. The Ministry is currently reviewing industrial safety measures in all locations to guarantee their optimum application, the Minister said.

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

During his tour of the first wildcat well (Ruby-1), 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 the Delta, the Mediterranean, Suez Gulf and the Western Desert, said the Minister.

Head of BP in Egypt, Hisham Mekkawi 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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Previous Stories:
  World companies compete to prospect for oil in 32 new regions   (3/12/2002)
  $ 150 M for Arab funds to finance Egyptian gas pipeline   (3/12/2002)
  Fahmi tours four offshore wildcat wells Egypt's huge reserves attract int'l companies   (3/9/2002)

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