Egypt oil exports reach $5.5b

Minister of Petroleum Sameh Fahmy said Egypt has become in the very heart of world interest as a natural gas exporter that has a waiting list of demands by several countries on Egyptian gas supplies.

In an address at a session on oil and gas in Egypt on the fringe of the Euromoney conference, Fahmy pointed to a well- studied strategy that strikes a balance between the local market's needs and the future development projects.

In accordance with this policy, no contracts are signed to export gas except within the quantity that identifies the confirmed reserves and also within the development and production plans, he said.

The minister said that the decision to export Egyptian gas was the main reason behind increasing the confirmed reserves of gas, which hit 67 trillion cubic feet by the end of June 2005.

"Exports of the oil sector have reached 5.5 billion dollars in the year 2004/2005, expected to go up to 7 billion dollars this year, and 10 billion dollars in the year 2009/2010," he added.