The Public Petroleum Authority has recently launched an international promotion campaign in an effort to lure global oil and natural gas excavation companies to Egypt.
The authority has offered companies 32 offshore and onshore sites for future oil and gas excavation operations, according to London based Al-Sharq Al-Awsat daily.
Total area of these sites is estimated at 293,000 square kilometers, equivalent to 29 percent of Egypt’s total land area. Egyptian authorities stated that according to surveys, these sites hold promising gas and oil excavation possibilities.
Egyptian crude oil production reached 38.4 million tons in 1999 compared with 40.3 million tons in the previous year. Natural gas production reached 13.1 million tons the same year, compared to 11 million he previous year. –(MENA Report)
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