Egypt (Cairo) - Two new important oil and gas finds were reported with the beginning of the New Year. The first gas find called “Hedwah” was struck at the Mediterranean, the second is crude oil struck at the eastern area of the Gulf of Suez and Sinai.

A report petroleum Minister Sameh Fahmi received from the higher committee for oil wealth said the reserves of the new gas find reached 600 billion cubic feet and 17 million barrels condensates and that the reserves of new crude oil find is more than one million barrels. The report added that Egypt managed to increase its production of both natural gas and oil to occupy the six Arab place in terms of oil and gas production.

Egypt’s investments in the oil and gas sectors went up immensely as the investments of British petroleum BP only was put at nine billion dollar for prospecting for gas in the Mediterranean.

Sameh Fahmi told Al-Gomhuria that the gas find was struck as deep as 6360 Meters in the Mediterranean and that 20,828 cubic feet was found in the layer 20 meters sick and costs reached $238 million and Egypt did not bear any costs.

As for the oil find of the Gulf of Suez Fahmi added that in the year 2010 which is the year of oil development in Sinai we discovered a layer carrying oil with sickness of 11 meters and production rate of 300 barrels a day. (SIS)

Global Arab Network