Drilling to start in four wildcat fields next month

Drilling work in four wildcat oil and gas fields, including three in the foreign companies' concession area of the Mediterranean off the Egyptian coast, are due to begin next week, with a total investment of $ 30 million.

"Up-to-date Drilling techniques and developed drills will be used," Oil Minister Sameh Fahmi said yesterday.

"All geological studies in the region showed it teemed with oil and gas, prompting major international firms to compete for new concession areas and procure huge investments to dig fresh fields," the minister said.

"Projects, involving developing existing gas fields and confirmed reserves go side by side with those involving refining and liquefying gas, and extending gas pipelines to world markets," Fahmi said.

"Third of the production will be exported, the second third will meet national needs, while the last third will be preserved for the coming generations," he said.

The wildcat fields are aimed to assess the whole region after two-and-half-years of study.

Egypt is the 13th biggest gas exporter in the world, according to the chairman of British Gas Company.

Fahmi addressing a forum organized by Cairo Engineering Faculty on Egypt's gas future, said five companies from Spain, Netherlands, Britain and Italy will set up four factories whose investments hit $ 5 billion for gas liquefaction and exportation to European and American markets.