Egyptian oil exports hit $ 2.5 billion, Gas export to rise

The Organization of Arab Petroleum Exporting Countries (OAPEC) said in its annual report that the Arab states in 1999 found 45 new oil fields including 19 in Egypt which topped them in the new discoveries.

Regarding the natural gas, new fields were discovered including eight in Egypt whose oil exports of the crude and its sub-products hit $ 2,555 billion in 1999.

The report added that the rise in oil prices led to getting $ 104 billion by the Arab states with an increase of 42 per cent than the figure of 1998.

Meanwhile, Egypt's Minister of Petroleum Sameh Fahmy disclosed that Egypt's contract providing Spain with natural gas was an outcome of President Hosni Mubarak's recent visit to Spain.

In press statements recently, Fahmy said the agreement upon which Egypt will export 4 million cubic meters of natural gas annually to Spain puts Egypt atop of natural gas exporting countries.

According to Fahmy, all investments needed for the export of gas will be financed by Spain. He added that Egypt's success in concluding that agreement will open the door for similar deals in a way that will lead to a rise in the Egyptian balance of payments.

As regards the Cabinet Information and Decision Support Centre (IDSC) report, oil exports rose in May to $ 117 million compared to $ 76 million in April and $ 88 million in May last year.

The report said that petroleum production rose to 3,120 tons in May from 3,049 in April and 3,382 tons in May last year.

Oil consumption rose to 1,827 tons in May compared to 1,739 tons in April and 2,158 tons in May last year.

Gas production rose in May to 1,279 tons from 1,249 in April and 1,125 tons in May last year.

Gas consumption also rose to 1,272 tons in May compared to 1,249 tons in April and 1,091 tons in May last year, the IDSC report said.

The Egyptian General Petroleum Corporation (EGPC) said that natural gas sales rose to 1.93 billion cubic feet a day, out of total output of 2,408 billion cubic feet in June.