Egyptian cabinet briefed on new oil discoveries

The Egyptian cabinet chaired by Premier Kramal al-Ganzouri on Wednesday reviewed latest oil discoveries in the Southern Ghareb area in the Suez canal.

The Egyptian minister of of Hamdi al-Banbi reviewed results of three oil discoveries in this area. Preliminary results indicate that the new discoveries are estimated at 10,000 barrels per day. Al-Banbi added that the new discoveries have been attained in the region which witnessed explanatory activities throughout 25 years.

The Suez Gulf Petrol company (Jabco), which made the new discoveries said the investments of the US company Amoco (the partner with Jabco) are estimated at US $ 8.5 billion, which were spent on various research, excavation, development and production activities throughout the 25 past years.

The company added that number of explored oil fields are 50 fields including 370 wells and 90 sea station. The said company produces 57% of Egypt's total oil production.