Egypt: 1.5 billion dollars in new investments for drilling for oil

Egyptian Oil Minister Sameb Fahmi spoke of the existence of 22 agreements for drilling petroleum in the deep water of the Mediterranean Sea with investments valued at 1.5 billion dollars for 8 international companies from France, U.S.A, U.K, Italy, Spain and Germany by using the most modern means of drilling petroleum in the world. Fahmi told ArabicNews.com that "petroleum reserves are estimated at 3.7 billion oil barrels and 43 trillion cubic feet of natural gas, referring to a plan for increasing investments of the foreign companies - working in petroleum drilling in Egypt by giving priority to nontraditional and new locations."