30 new oil finds in 30 months

Some 30 natural gas discoveries with reserves of about 20 trillion cubic meters have been made in Egypt over the last two and half years. Oil discoveries in the same period number 53, with reserves estimated at 482 million barrels. The State's share of these discoveries is expected to be $ 29 billion, Minister of Oil Sameh Fahmy said yesterday.

Fahmi told a meeting with Lions Club that the Egyptian oil sector had attracted $ 3.5 billion of foreign investment to establish three complexes for the liquefaction of natural gas, with an annual capacity of 14 million tons.

The export-oriented production will start in 2004. The Minister said that up to $ 4 billion have been spent on oil and natural gas drilling over the past 34 months, adding that 34,000 job opportunities had been created for young graduates in new oil companies.