Egypt's Minister of Petroleum Sameh Fahmy has recently said that Egypt has made a new offshore natural gas discovery in its deep Mediterranean waters, about 120 miles off the North Coast.
The discovery, at a depth of about 2,000 feet, was achieved using hi-tech equipment that reduced the investment risk and production costs. Fahmy confirmed that Egypt's reserves of natural gas have risen to 66 trillion cubic feet, almost double the reserves recorded in 1999.
