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FINANCIAL NEWS
Egypt on 2 new gas discoveries
01 Aug 2011
(MENAFN) Egyptian oil ministry reported two new discoveries of natural-gas in the Nile River Delta and Mediterranean Sea that would add 194 billion cubic feet of gas to the country’s reserves, reported Bloomberg.
In addition, the two discoveries would add 2 million barrels of condensates to the country’s current 10.4 million barrels produced on a daily basis.
It is worth noting that Egypt comes in the third place in Africa in terms of gas reserves, as it currently holds 2.19 trillion cubic meters. The two new finds represent a 0.2 increase to this total. Condensate is a high-value light crude oil.
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