Canadian companies prospect for oil in Upper Egypt

Minister of Petroleum Sameh Fahmi said that the government was exerting to lure oil exploration investments to Upper Egypt through inviting renown international oil companies that employ state-of-the-art technology as part of President Hosni Mubarak's directives.

ÊÊÊ Speaking to the Industrial and Energy Committee at the People's Assembly under its chairman Amin Mubarak, Fahmi said two agreements were signed with Canadian oil exploration companies to prospect for oil in the south valley.

ÊÊÊ A South Valley Holding Company for oil was established last year in Aswan.

ÊÊÊ This company is specialized in the production of oil in addition to refining and marketing.

ÊÊÊ The two agreements allocate a total concession area of 52922 square kms in Al-Nakra and Kum Ombu for the two Canadian and companies to invest $ 26 million in digging 9 wildcat wells.