Home
/ About Economy / Egypt: oil and gas reserves up to 18 billion barrels
Egypt: oil and gas reserves up to 18 billion barrels
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
#LISA
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
#LISA
Your Rating:
Overall rating: 5.000
Totally voted: 1
Comments
Login/Registration
Weather in:
Exchange Rates
1 USD = 16.200 LE
1 EUR = 18.040 LE
News
-
IMF loan expected next month
Apr 22, 2013, rating: 3.000, 3 votesEgypt may secure an International Monetary Fund loan agreement in about amonth, state news agency MENA reported, quoting "informed" sources ... -
Egypt population to hit 84 million next month.
Feb 28, 2013, rating: 5.000, 1 votesEgypt's population is expected to reach 84 million on 1 March, or aburgeoning 92 million when Egyptians living abroad ... -
Country's diesel reserve only enough for three days.
Feb 05, 2013, rating: 5.000, 1 votesEgypt’s strategic reserve of diesel fuel used for trucks and grouptransport vehicles can meet demand only for three days ... -
Egypt received 11 million tourists in 2012 and aims to boost that number to 14 million in 2013.
Jan 22, 2013, rating: 3.000, 2 votesEgypt received 11 million tourists in 2012 and aims to boost that number to 14 million in 2013.
-
Egypt limits travelers leaving country to US$10,000 in cash
Dec 26, 2012, rating: 3.250, 4 votesEgypt has banned travelers from carrying more than US$10,000 in foreigncurrency cash in or out of the country ... -
National Coalition on Climate Change for Egypt is born
Nov 30, 2012, rating: 5.000, 1 votesThe global COP18 conference on climate change opens in Doha Monday.About 17,000 participants from all over the world ...