Search for petroleum near borders with Israel confined to Egyptian companies
Egypt, Economics, 4/27/1999
Egyptian Minister of Petroleum Hamdi El-Banbi announced the confinement of the privileges of searching and drilling for petroleum in Sinai regions adjacent to the international borders with Israel, to Egyptian companies only.
Before the industry committee in the Egyptian People's Assembly, El-Banbi confirmed the attachment of these regions to the direct process of the Public Company for Petroleum, without raising it up to international bids, to stop any problems.
He also stated that Egypt has succeeded in convincing major international companies to increase their investments in other countries despite the reduction in international petroleum prices.
Meanwhile, the Egyptian minister revealed an increase in the reserve of petroleum and gas from 1.124 billion tonnes on January 1, 1998 to 1.126 billion tonnes this year.
He also said it is the first time this year that deep underwater exploration for petroleum is ongoing 360 km inside the Red Sea, clarifying that the expenses of the exploration have been raised to $1.9 billion dollars.
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