Egypt: $ 2.5 billion foreign investments in oil, gas

Egypt’s Petroleum Minister Sameh Fahmi said that there is a new plan to have the production of crude oil and condensates up to 720,000 barrels a day through drilling 350 exploratory wells with foreign investments of almost USD 2.5 billion.

He added that Egypt is expected to be one of the biggest countries of the world in the field of exporting gas with its gas reserves estimated at 650 trillion cubic feet of gas.

Fahmi said that the ministry gives top priority to meeting the local market needs of petroleum products and natural gas.

He went on to say that high rates of consumption constitute one of the most important challenges facing the petroleum sector. He added that increased efforts are required to lure more foreign investments in a bid to increase oil reserves.

He made the remarks Thursday 20/1/2011 during a meeting of the Board of Directors of the General Petroleum Corporation to endorse the budget plan for fiscal year 2011/2012.