Egypt Witnesses 13 Percent Surge in Oil, Gas Discoveries

SourceAl Bawaba
SectorOil & Gas
CountryEgypt

According to the country’s Ministry of Petroleum and Mineral Resources, 62 oil and gas reserves were found in 2020, a year in which the global economy struggled due to the coronavirus pandemic. The 47 crude oil and 15 natural gas reserves were found in the Western Desert, the Eastern Desert, Gulf of Suez, Nile Delta and the Mediterranean Sea. In 2019, Egypt discovered 40 crude oil and 15 natural gas reserves in the Mediterranean, the Western Desert, the Eastern Desert, Gulf of Suez, Nile Delta and Sinai. The ministry said that these “positive results” indicate the success of research and exploration in current oil fields, and suggest the existence of further petroleum resources that are yet to be discovered. Modern technologies and advanced geological theories have contributed to better research results, it added. The ministry plans to increase production of crude oil and counter the phenomenon of the natural diminishment of wells and old fields by investing in programs for research, exploration, drilling and development of wells. In 2020, Cairo signed 22 agreements with global firms such as ExxonMobil and Chevron to make investments worth $1.6 billion to develop the reserves and deals worth $139 million for oil well drilling at 74 sites. An official at...read more...