Egypt to drill 556 wells in 2010

EGYPT MAY DRILL 520 exploratory and development oil wells and 36 natural gas wells this year, according to the Egyptian Minister of Petroleum.
Sameh Fahmy told Ahram newspaper the oil wells will cost US$2bn, while the gas wells, to be drilled in the Nile Delta and offshore in the Mediterranean, will cost more than US$1bn.
The drilling would be in concession areas awarded by state-owned Egyptian General Petroleum Corporation, according to a Reuters report citing ministry spokesman Hamdi Abdel-Aziz.
Egypt’s proven natural gas reserves rose 1.1 tcf to about 77.2 tcf in the year to June 30, while crude oil and condensates reserves rose 220mn barrels to 4.4bn 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.

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