FINANCIAL NEWS

Egypt reports rise in oil, gas reserves

15 Aug 2010

(MENAFN) A report issued by the Egyptian Petroleum Authority (EPA) showed that Egyptian reserves of oil and natural gas have risen to 18.3 billion barrels in (2009-2010) in what makes the proven reserves rise to 20 billion barrels in the next two years, Reuters reported.

The report added that recently-conducted global studies asserted that Egypt achieved in the last decade the highest rate of success on prospecting and exploration activities in Northern Africa region and that total reserves discovered of oil and natural gas exceed those found in Libya, Tunisia and Algeria combined.

It also affirmed that this hike in stockpiles that was achieved in the first decade of this century is due to sustained development of exploration and drilling programs and plans as well as expanding the search areas into various regions of Egypt whether the land or the marine ones.

The EPA report highlighed the significance of the oil agreements inked by Egypt with international major corporations at a value of $8 billion in (2009-2010) with the total value expected to be increased in the coming period following the announcement made by global oil firms on raising their investment in Egypt.

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