International oil exploration firms have invested a total of two billion dollars in Egypt’s energy sector this year, according to Xinhua News. Egypt's Petroleum Minister Fahmi Samih stated that he expect this figure to reach six billion dollars by the ends of the next fiscal year.
Samih added that 34 new oil fields have recently been discovered, including nine offshore sites by the Mediterranean coast, three in the western desert region, two in the Nile delta and 13 in the Gulf of Suez basin, where nearly 70 percent of Egypt’s oil originates.
Egypt is seeking a more active foreign involvement is exploration activity, in a bid to avoid becoming a net oil importer in the next decade. To do so, Egypt should maintain its crude oil production above 800,000 bbl/d.
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 oonsumption is estimates at 573,000 bbl/d. — (Mena Report)
© 2001 Mena Report (www.menareport.com)
