Egypt to offer new oil concessions

EGYPT IS AIMING to attract $2.5bn worth of new investments in its oil sector with with as many as 18 oil concessions to be offered on bidding.

 

Egypt is looking to boost oil and condensates production to 720,000 bpd and will seek to drill about 350 new exploration wells, according to Oil Minister Sameh Fahmy. Fahmy said the Oil Ministry planned to issue new concessions in as many as 18 locations in the Gulf of Suez, Sinai, and Egypt's Western and Eastern deserts.

The state news agency reported in August last year that the country's proven oil & gas reserves rose to 18.3bn barrels of oil equivalent in the year to 31 June 2010 and Egypt expects to boost them to 20bn barrels over the next two years.

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