EGYPT may drill 520 exploratory and development oil wells and 36 natural gas wells this year, according to the Egyptian Minister of Petroleum.

Sameh Fahmy told Ahram newspaper 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.

The drilling
would be in concession areas awarded by state-owned Egyptian General
Petroleum Corporation, according to a Reuters report citing ministry
spokesman Hamdi Abdel-Aziz.

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.

Source: Pipeline Dubai

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