Egypt is expected to report a surplus in revenue from its petroleum sector of $755 million in 2000, compared to a deficit of $450 million that was reported in 1999, said the Internet site businesstoday-eg.com. This surplus evidently was created is driven the Egyptian government’s policy of increase exports and importing petroleum substitutes.
The total increase in the petroleum sector balance of payment reached $1.2 billion. The government intends to double petroleum production to reach 2 million tons annually.
Also in Egypt, Canadian Northern Offshore announced on new discovery of oil in its Tawoos-1 well on the West Esh El Mallah (WEEM) concession. The well was drilled to a depth of 2,766 meters, 3.2 km west of the firm's Rabeh field. The well will be put straight into production during the coming two weeks. – (Albawaba-MEBG)
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