Arab states last year found 45 new oil fields, 19 of them in Egypt, a recent report said.
The Organization of Arab Petroleum Exporting Countries (OAPEC) also said new natural gas fields were discovered, including eight in Egypt, where exports of crude oil and its products hit $2.5 billion last year.
The group's annual report said the rise in oil prices led to revenues of $104 billion for Arab states in 1999, a 42 percent increase from the previous year. In a related development, Minister of Petroleum Sameh Fahmi said Egypt has contracted to provide Spain with 4 million cubic meters of natural gas a
year.
The agreement grew out of President Hosni Mubarak's recent visit to Spain. According to Fahmi, Spain will finance all investments needed for the export of gas. He said the agreement would invite similar deals in a way that would lead to a rise in the Egyptian balance of payments.
In another report, the Cabinet Information and Decision Support Center says oil exports rose in May to $117 million, compared to $76 million in April and $88 million in May of last year. The report adds that petroleum production rose to 3,120 tons in May, from 3,049 in April and 3,382 tons a
year ago.
Oil consumption rose to 1,827 tons in May compared to 1,739 tons in April and 1,158 tons in May last year. Gas production rose in May to 1,279 tons from 1,249 in April and 1,125 tons in May last year. Gas consumption also rose to 1,272 tons in May compared to 1,249 tons in April and 1,091 tons in May last year, the IDSC report said.
The Egyptian General Petroleum Corporation (EGPC) said natural gas sales rose to 1.93 billion cubic feet a day, out of total output of 2,408 billion cubic feet in June.
–(Albawaba-MEBG)
© 2000 Mena Report (www.menareport.com)
