Majority of new discoveries are in Egypt

Egypt_discovery

Egypt has recorded 61 per cent of the oil finds of the Organization of Arab Petroleum Exporting Countries (OAPEC) member states in the period from 2005 to 2009, Egyptian Minister of Petroleum Sameh Fahmi said recently.

Addressing the Shura Council's committee of industry and energy, he said the Egyptian General Petroleum Corporation (EGPC) has exerted strenuous efforts in the previous period to realize major progress in the oil domain, lure foreign investments and generate jobs.

Egypt also struck about 122 oil agreements at US$4.2 billion investments and got about US$2.1 billion in grants, he said. Egypt's oil discoveries in this period reached about 460, including 248 in the Western Desert, he said, noting that the total output in this period hit 330 million tonnes.

Total investments stood at US$43 billion in the four-year period, the minister said. Fahmi cited several important oil projects, including upgrading Kalabsha oil field in the Western Desert to produce about 40,000 barrels daily.

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