New oil discoveries in Egypt
Egypt, Economics, 1/20/2007

Egypt's Minister of Petroleum Sameh Fahmi announced the discovery of six oil and gas finds in the Gulf of Suez, the eastern and western deserts and the Mediterranean.

The petroleum find from those areas is expected to secure an additional 140 million barrels of crude oil and condensates in addition to 1.5 trillion cubic feet of natural gas.

The new discoveries will be assessed and tested in preparation for putting them on production map.

Discoveries in the western desert are the most important, particularly in the areas of Karam 1 and Karam 2, said a report received Friday by the Minister of Petroleum on oil finds discovered during the first six months of the fiscal year 2006-2007.

The thickness of oil and gas layers in the western desert ranges between 200 to 240 feet.

A Greek oil company takes credit for the Karam discoveries.

Shell and Khalda, another two oil companies, have discovered the new finds in the western desert.

In the Mediterranean area of Matrouh, "Gad 1" - a Khalda discovery – is reported to contain oil layers as thick as 336 feet.

Fahmi said Egypt has signed a number of agreements with international oil companies with advanced technologies and expertise to carry out drilling works, something which reflects the feasibility of investment in the oil sector.

Those companies have achieved great success till now, Fahmi said, noting that the future promises more positive outcome.

Previous Stories:
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  Egypt, Ukraine sign oil exploration agreement   (12/16/2006)
  Fahmi: Egypt, China to beef up oil cooperation   (10/19/2006)

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