Algeria, Egypt sign oil and gas cooperation agreement
Algeria and Egypt recently signed an agreement for cooperation in the oil and natural gas sector. The initial stages of the new bilateral framework will take the form of information exchange on hydrocarbon, with the possibility of a future partnership in field exploration, transport and marketing, reported Algerie Press Service.
More than 1.5 trillion cubic meters of gas and 178 million barrels of crude oil were discovered by oil companies in Egypt between July and November 2001. Nine discoveries in the Gulf of Suez, the Red Sea and the Western and Eastern deserts were recorded during the second half of the year 2001, totaling 151 million barrels of oil and 27 million barrels of condensates. Six discoveries in the Mediterranean, the Western Desert, and the Nile Delta produced 1.5 trillion cubic meters of gas reserves. — (menareport.com)
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