World of Oil

Egypt’s minister of petroleum, Sameh Fahmy, said the North African state plans to drill 520 exploratory and development wells for oil and 36 for natural gas in 2010. The drilling costs for the oil wells will be about $2 billion, with the gas wells costing $1 billion due to their location in the Nile Delta and the Mediterranean. The Egyptian General Petroleum Corporation awarded the concessions where the drilling will take place. Egypt has also said that no export contracts for gas will be signed for the foreseeable future due to rising domestic demand.

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