Egypt reports record rise in crude oil and gas reserves
21 Aug 2008
Mumbai: Egypt's confirmed reserves of crude oil and natural gas have hit an all-time record of 4.2 billion barrels, representing an increase of 221 million barrels compared to the previous year, Abdallah al-Alim Taha, head of the Egyptian General Petroleum Corporation (EPGC), said.
Egypt's confirmed reserves of natural gas also hit a new record at 76 trillion cubic feet, up 3.7 trillion cubic feet from the previous year, representing an annual average rate of 8.5 per cent in the last ten years, he said.
He attributed the increases in Egypt's crude oil and natural gas reserves to intensified nationwide exploration during the last few years.
BP, which has produced 40 per cent of Egypt's oil to date, alone is planning to spend $8 billion by the end of 20012, he pointed out.
Japan's AOC Holdings, meanwhile, said it aimed to start commercial output of crude oil from Egypt's offshore Northwest October block in the northern Gulf of Suez in April-September 2010, delayed from its previous plan of January-March 2009.
AOC, parent of oil and gas development unit Arabian Oil Co Ltd, also said Arabian Oil had agreed to sell a 50 per cent stake in the offshore block to Egypt-based Pico International Petroleum to free up funds to participate in other projects in future.
