Egypt: Gas continues to soar ///
International oil E&P and refining firms are being drawn to Egypt, as new sources of crude are being found and the government sets out plans to increase output to 800,000 bopd next year, taking advantage of newly discovered fields in the Gulf of Suez and the Sahara, as well as potential new sources in the far south of the country.
There are over 55 international oil and gas companies operating in the exploration, excavation and production of oil and gas in Egypt with investments of over $ 2 billion per annum. Despite some uncertainty over the size of reserves, interest in Egypt’s hydrocarbons remain high, with 12 blocks were awarded in June-July 2007. Key partners and players are BP, Eni, Shell, Apache, BG, Lukoil, Exxon and Chevron.
Egypt produced 678,000 bppd in 2006, down almost 2.5% from the previous year’s 696,000 bpd. Egypt’s production was 994,000 bpd in 1996.
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