Egypt expects 520 new oil explorations in 2010

Egypt expects 520 oil explorations in 2010, according to the Reuters news service.

The country is also expecting 36 new exploratory and development wells for gas, the Reuters said citing the country’s Minister of Petroleum Sameh Fahmy.

Fahmy said 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.

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, the report added.

By Emmanuel K. Dogbevi