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FINANCIAL NEWS
Egypt: Proven gas reserves exceed forecasts
28 Apr 2010
(MENAFN) Egyptian Oil Minister Sameh Fahmi said that the country?s proven gas reserves discovered over the past ten year stood at 57 trillion cubic feet raising the total reserves of the country to 78 trillion cubic feet, Reuters reported.
Fahmi added that strategic reserves of gas has increased by 70 percent and not 30 percent as planned, due to more discoveries than anticipated earlier this century.
The minister said that 23 percent of the discovered gas was directed to meet local consumption while 7 percent was export-oriented.
He also said the oil sector was capable of meeting the growth in the electricity and industrial sectors in the country.
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