HomeBase Metals80% of Egypt's mining and oil wealth undiscovered

80% of Egypt’s mining and oil wealth undiscovered

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Egyptian oil
Cairo, Egypt — 12 June 2012 – Egyptian minister of petroleum Abdullah Ghorab has revealed that 80% of the country’s oil and mining wealth has not been discovered yet, especially in the offshore areas of the Mediterranean and in the Western Desert.

allAfrica.com reports that making this statement in response to reports that Egypt’s wealth of oil and gas was decreasing, he said this encouraging situation represented hope for increasing oil and gas production in the country.

The Minister said that reports did not mention the big oil market which currently served more than 85 million people who consumed more than 75 million tonnes of oil products, against 18 million people in the year 1952 who consumed only 12 million tonnes.

But he pointed out that Egypt’s oil wealth was being augmented despite the growing consumption and that reserves now were 3.78 trillion cubic feet of gas and 4.5 billion barrels of crude oil. This gave rise to hope that in future, with international companies spending multi-millions to increase their prospecting for gas and oil, they would not be making such huge investments unless indications of oil or gases were there.

A total of US$7 billion has been invested in the oil and gas sector exploration in 2011/2012, in addition to endorsement of almost US$8.6 billion in similar investments in the same sector for the year 2012/2013, the Minister added.

Source: allAfrica.com. For more information, click here.