Egypt achieves oil discoveries in the Mediterranean and Mansoura

Sep 17, 2005 02:00 AM

Egypt achieved two important discoveries for oil and natural gas in the Mediterranean Sea and South Mansoura concession area.
The first discovery was achieved by British Petroleum in its concession area in the Mediterranean Sea. The confirmed reserves of the first discovery will reach 5 tcf of natural gas.

On the other hand, liquefied natural gas will play an important role in Egyptian-French relations in the coming period as Egypt will export liquefied natural gas to France at a value of $ 500 mm over the coming 20 years. Egypt is among the five major countries in terms of gas reserves. The latest international reports on energy affairs said that Egypt has become one of the major five countries in the world concerning the production and export of gas.
"Size of the real gas reserves in Egypt is growing and that the real size of gas reserves in Egypt exceeded the figures released by Egyptian companies which put it at 67 tcf," the same reports said.

Commenting on the reports, Oil Minister Sameh Fahmi said that the policy of the oil sector is to release the lowest figures declared by world companies operating in Egypt in terms of the oil and gas reserves, and that gave Egypt credibility concerning work importing companies as gas agreements go in effect for more than twenty years.
The oil sector in Egypt began to reconsider its strategy in view of such world reports on gas.

On the privatisation of oil companies, Fahmi said that 20 % of shares of the company of AMOC were floated at the stock exchange and the demand on its shares exceeded all expectations.
Shares of other oil exploration company will be floated as well and this will flourish the stock exchange.

Source: AP
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