Jan 05 2010 |
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Egypt Plans Oil Exploration
Egypt expects 520 exploratory and development wells for oil and 36 for natural gas to be drilled in 2010, according to
Minister of Petroleum
Sameh Fahmy.
The oil wells will cost $2 billion, while the gas wells, to be drilled in the Nile Delta and offshore in the Mediterranean, will cost more than $1 billion, he added.
Egypt's proven natural gas reserves rose 1.1 trillion cubic feet to about 77.2 trillion cubic feet in the year to June 30, while crude oil and condensates reserves rose 220 million barrels to 4.4 billion barrels, the oil ministry said in July.
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