CAIRO [MENL] -- Egypt has discovered what authorities regard as the biggest
oil find, amounting to an estimated billions of barrels of petroleum and
natural gas reserves.
Egyptian officials and government newspapers said the discovery in the
Mediterranean will vastly raise the country's oil reserves. They said the
latest find raises the reserves from 3.7 billion to 8.2 billion barrels of
oil and quadruples the amount of natural gas to 40 trillion cubic meters.
Egyptian Oil Minister Sameh Fahmi said three international oil companies
in the Mediterranean made the find.
The reserves will guarantee Egypt's reserves to 100 years from natural gas,
and 25 years from crude oil, a ministry statement said.
The find has prompted the government to implement natural gas projects
and oil production in the new field is expected to begin by 2002.
This will include the liquidation of gas and the export to other
countries. Israel and Egypt are discussing a 20-year natural gas deal as
well as a pipeline through Sinai to Israel and Arab countries north of the
Jewish state.
Officials said the new find will generate up to 15,000 jobs and will
spark new foreign investment. The employment will include residents from
rural Upper Egypt.
