New offshore gas discovery reported

Egypt's Minister of Petroleum Sameh Fahmy said yesterday that Egypt has made a new offshore natural gas discovery in its deep Mediterranean waters, about 120 miles off the North Coast.

The discovery, at a depth of about 2,000 feet, was achieved using hi-tech equipment that reduced the investment risk and production costs.

Fahmy confirmed that Egypt's reserves of natural gas have risen to 66 trillion cubic feet, almost double the reserves recorded in 1999.

Minister Fahmy was speaking at an international gathering for oil and natural gas technology organized by one of the world's biggest oil companies.

The two-day gathering discussed a host of papers on the use of modern technology in gas exploration and seismic research, as well as new techniques for enhancing the productivity of old wells.