New oil discoveries bring Egyptian reserves to 144 million barrels
A report submitted by the Egyptian Ministry of Petroleum at a recent cabinet meeting reveals that 18 crude oil and 16 natural gas discoveries were recently made in various regions of Egypt. The state share of these reserves is estimated at approximately $12 billion.
The new findings bring the nation’s total crude oil reserves to approximately 144 million barrels, while natural gas reserves now stand at 9.2 trillion cubic feet, reports MENA.
Within two years, Egypt expects to hold tenth place in terms of worldwide natural gas reserves. Currently, it is in sixteenth place.
According to industry sources, daily production of natural gas is expected to reach approximately 331 million cubic feet of gas, while daily production of crude oil is projected at 47,000 barrels. Investment contracts signed regarding the new reserves are expected to amount to $6 billion.
The same report also revealed that the nation’s oil sector was posting the first surplus in seven years, in the mount of $500 million. The surplus is attributed to rising the activity of the nation’s economy, resulting in a growing need for petroleum-related products for various industries. –(MENA Report)
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