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Egypt may drill 520 oil wells in 2010

Cairo, January 3, 2010

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.

The remarks, reported by al-Ahram newspaper on Saturday, were confirmed by ministry spokesman Hamdi Abdel-Aziz. The drilling would be in concession areas awarded by state-owned Egyptian General Petroleum Corporation, Abdel-Aziz 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.

Egypt is a significant natural gas exporter but has said it would not sign any new gas export contracts until 2010 in order to meet rising local demand.-Reuters




Tags: Egypt | drill | Oil wells | exploratory |

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