Egypt: 32 oil finds and 14 agreements for prospecting in 1996

Jan 15, 1997 01:00 AM

Jan. 6, 1997 Egypt made 32 oil finds and signed 14 agreements for oil prospecting with global companies last year. These companies are expected to spend some $ 300 mm on drilling 83 wildcats over a total area of 142,000 sqkm across the country. Among the 32 oil finds, 12 produce oil while the remaining 20 give natural gas. Egypt's oil output amounts to 44 mmt and natural gas production reaches 10.1 mmt, in comparison with the 32 mmt of overall output in 1983. Natural gas fields in the Nile Delta and on the Mediterranean coast make up 60 % of Egypt's total output while the remaining comes from the Western Desert. As for crude oil, Delta and Mediterranean coast produce 50 %, the Western Desert produces 33 % and the Gulf of Suez 17 . Local consumption of petroleum products has reached 16.5 mmt along with 2 mmt of natural gas. The ministry of energy of Egypt has tried to boost the role of the private sector in oil exploration and increasing the capacity of refineries as well as encouraging gas-fuelled industries last year.

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