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Egypt: oil and gas reserves up to 18 billion barrels

Egypt: oil and gas reserves up to 18 billion barrels
Region: Egypt
Created: Aug 15, 2010, modified: Jan 12, 2012, overall rating: 5.000




Egypt (Cairo) - Egyptian reserves of oil and natural gas have risen to 18.3 billion barrels in (2009-2010,) and will make the proven reserves rise to 20 billion barrels in the next two years, Egyptian Petroleum Authority (EPA) said on Saturday.

The report added that recently conducted global studies asserted that Egypt has achieved in the last decade, the highest rate of success in prospecting and exploration in the Northern Africa region. The total oil and natural gas reserves discovered exceed those found in Libya, Tunisia and Algeria.

It also affirmed that this hike in stockpiles was achieved in the first decade of this century and is due to the sustained development of exploration, drilling programmes and plans.   

The Mediterranean is one of the most attractive areas for foreign investment among the world regions, due to its huge reserves of natural gas.  Both the Mediterranean and Nile Delta regions contain unexplored reserves of natural gas, estimated at 223 trillion cubic metres. These statistics were added in a reference to reports issued last May, by a U.S. Geological Survey.

Furthermore, these reports pointed out that these two regions, namely the Mediterranean and the Nile Delta, have unexplored reserves of crude oil and condensates.  This puts them on the list of the most important world regions. regarding probable natural gas reserves.

Finally, the EPA report drew attention to the significance of the oil agreements inked by Egypt with international major corporations, at a value of  8 billion USD in (2009-2010). The total value is expected to be increased in the coming period, following the announcement made by global oil firms on raising their investment in Egypt.
(KUNA)

Global Arab Network


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