World Tribune.com

Egypt emerging as leading energy supplier from region

Special to World Tribune.com
MIDDLE EAST NEWSLINE
Monday, January 29, 2001

CAIRO — Egypt is rapidly advancing toward energy leadership in the Middle East and could end up supplying its neighbors with the bulk of their natural gas needs.

Egypt has or will sign major energy agreements with Israel, Lebanon, Jordan and Turkey in multi-billion dollar deals that will be implemented over the next 20 years. The deals will include a pipeline from Egypt to the Levant and Turkey.

An Egyptian Cabinet report said that 16 oil and natural gas deposits have been found in Egypt from July until last month. The estimated reserves of 13 of these deposits total 65.28 million barrels of crude oil and 88.6 trillion cubic meters of natural gas.

The exploration is being conducted by Western companies, with Egypt's share being 50 percent. Officials said this would guarantee Egypt revenues of $600 million annually over 25 years.

The Houston, Texas-based-Apache Corporation has acquired many of Egypt's oil and gas concessions. They include seven concessions in the Western Desert. Executives said the firm will provide 10 percent of Egypt's daily and oil gas output.

Monday, January 29, 2001

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