New petroleum investments in Egypt
Egypt, Economics, 6/19/2003
Minister of Petroleum, Sameh Fahmi, said the petroleum sector succeeded in attracting more investments to prospect for oil and natural gas inland offshore areas.
Fahmi was speaking to reporters after signing two agreements with the American "Ocean Petroleum" company at $ 41.3 million investments. The minister added that the two accords will cover the drilling of seven exploring wells. He pointed out that the U.S "Ocean Petroleum" had signed two agreements last year to prospect for oil at Suez Gulf. the asserted reserves so far amount to 60 million barrels.
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