New oil discoveries in Egypt
Egypt’s General Petroleum Corporation (EGPC) has recently announced two new offshore oil discoveries. One find is in the Eastern Rabah region, west of the coastal city of Hurghada. The second is located in the US ocean concession zone.
With estimated reserves of 33 million barrels, the first well has an expected output ceiling of 3,300 barrels daily. The 5,976 foot-deep well is to commence production soon, according to Egypt’s official news agency MENA. The second has a reserve of 60 million barrels and a daily output estimated at 8,000 barrels.
Recent oil discoveries in Egypt bring the nation’s total crude oil reserves to approximately 144 million barrels. Currently, Egypt continues to be a crude oil exporter, with oil production standing at 794,000 barrels per day (bbl/d), of which 720,000 bbl/d is crude oil. National oil consumption is estimates at 573,000 bbl/d. — (Mena Report)
© 2001 Mena Report (www.menareport.com)