Petroleum investments in 16 years worth $98 billion

Hamdi El-Banbi, the Egyptian minister of petroleum, announced that the production of petroleum during the last 16 years has reached $98 billion, including $60 billion in local consumer products and $38 billion in petroleum exports.

He also said Egypt signed more than 179 agreements to drill for petroleum and natural gas and that world companies participated in these agreements with investments worth nearly $20 billion.

The drilling operations resulted in 350 petroleum and gas discoveries, including 68 discoveries during the last two years.