German authorities recently disclosed reports that the RWE firm intends to invest nearly one billion dollars in gas and oil prospection in Egypt’s over the next five years.
Reports in AFP maintain that RWE-DEA, a subsidiary of the German RWE oil company, will allocate funds to petrol operation off Egypt’s Mediterranean coast and to the Sinai Peninsula.
The Hamburg based RWE-DEA is a fully integrated firm which explores, produces, refines, as well as markets its petroleum products. Currently, operations are underway in Egypt, Norway, and Dubai.
Nearly $2.5 billion have been invested over the past 25 years in Egypt under GEOGE, the joint German-Egyptian Oil and Gas Exploration, which oversees operations of RWE-DEA.
Furthermore, recent oil discoveries in Egypt bring the nation’s total crude oil reserves to approximately 144 million barrels, while natural gas reserves now stand at 9.2 trillion cubic feet. –(Mena Report)
© 2001 Mena Report (www.menareport.com)
