Egypt: Declaring new regions available for drilling petroleum
Egypt, Economics, 7/31/1999

The Egyptian Ministry of Petroleum announced the existence of new regions for drilling petroleum in offshore water some 54 km from land.

Egyptian Minister of Petroleum Hamadi El-Banbi said today that this region is considered one of the areas that indicates the existence of petroleum after the appearance of several discoveries in the Mediterranean.

He added that there is great eagerness from major world companies to drill for petroleum after adding several modifications to the agreement on natural gas with investors throughout recent years, leading to attracting several investors and achieving new discoveries.

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