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, the official MENA news agency disclosed.
Going at a price of $20 per barrel, the value of the crude discovered totals $3.56 billion, of which Egypt's share will be over 70 percent. The value of the newly-found gas totals $2.2 billion, 60 percent of which are the government’s, assuming a price of $1.5 per million per British Thermal Unit (BTU), confirmed Oil Minister Sameh Fahmy.
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, the report said.
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. — (menareport.com)
© 2001 Mena Report (www.menareport.com )