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Egypt – Witnessed 13 percent surge in the discovery of oil and gas reserves

Energia Petrolio Gas JIACC

In 2020 a total of 62 oil and gas reserves have been found.

(Fonte:Arabnews) While global economy was struggling due to pandemic, in Egypt 47 crude oil and 15 natural gas reserves were found throughout the country. 2020 has registered “positive outcomes” despite it has been a year in which the global economy suffered because of the COVID-19 spread.

These reserves have been found in the Western desert, the Eastern desert, the Gulf of Suez, the Nile Delta and the Mediterranean Sea. The previous year saw a total of 40 crude oil and 15 natural gas reserves discovered.

The Ministry congratulates for the success of the researches and explorations done and affirmed that other crude oil resources haven’t already been discovered. The great research results are due to the modern technologies and the advanced studies in geology. The government assured the increase in crude oil production and the enhancement of investments in research, explorations and development of wells.

Globally, in 2020 the country signed 22 agreements with international firms for a total of $1.6 billion of expansion investments and $139 million for oil well drilling.

The Egyptian largest Zohr offshore gas field in the Mediterranean Sea was discovered in 2015 by the Italian Eni. This site produces 2.7 billion cubic feet on a daily basis contributing to the natural gas production of the Country.

These deals will sustain Egypt to smooth the latest financial sector with debts fallen to $850 million.

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