Egypt to intensify gold, oil, gas exploration in 2010
Monday, 4 January 2010
JOHANNESBERG, Jan 03 (Commodity Online): Egypt plans to invest nearly USD two billion in 2010 towards exploration of oil and gas in the new oil fields in various parts of northern, southern and western Egypt.
The Egyptian Ministry of Petroleum has unveiled a plan involving drilling of 520 exploratory oil and gas wells with an investment of about USD two billion. The plan envisages drilling 36 gas wells in the country's northern delta coast, the southern governorates of Qena and Aswan, west of the Nile River, and the southern border areas.
In a statement issued Friday, the ministry has mentioned that the plan is expected to increase the country's oil and gas reserves and boost the energy production remarkably.
The eight new gas fields, including Al-Baraka field, south Egypt, with investments of USD three billion, are set to go operational, heralding a new era of the development of the energy industry in Egypt. The targeted output capacity of Al-Barak, the first oil field in South Egypt, totals 2,500 barrels per day (bpd).
The country's two largest petrochemical plants, involving USD 1.7 billion investments, will also start operation in 2010.
The New Year will see the start of regular production of Egypt's first gold factory located at Jabal (mount) Al-Sukkari, Al-Sharqiya Governorate, the statement affirmed. It put the initial output capacity of the factory at 200 ounces per year in the first two years, which will be increased gradually to 500,000 ounces a year in the following stages of the 20-year term of the project.
The explorations for gold will intensify in the remaining sectors of the mount with a view to increasing the country's reserves estimated at 13 million ounces.
The Methanol Complex in the Mediterranean city of Damietta, costing USD 950 million, has a production capacity of 1.3 million tons a year.
The Egyptian Ministry of Petroleum has unveiled a plan involving drilling of 520 exploratory oil and gas wells with an investment of about USD two billion. The plan envisages drilling 36 gas wells in the country's northern delta coast, the southern governorates of Qena and Aswan, west of the Nile River, and the southern border areas.
In a statement issued Friday, the ministry has mentioned that the plan is expected to increase the country's oil and gas reserves and boost the energy production remarkably.
The eight new gas fields, including Al-Baraka field, south Egypt, with investments of USD three billion, are set to go operational, heralding a new era of the development of the energy industry in Egypt. The targeted output capacity of Al-Barak, the first oil field in South Egypt, totals 2,500 barrels per day (bpd).
The country's two largest petrochemical plants, involving USD 1.7 billion investments, will also start operation in 2010.
The New Year will see the start of regular production of Egypt's first gold factory located at Jabal (mount) Al-Sukkari, Al-Sharqiya Governorate, the statement affirmed. It put the initial output capacity of the factory at 200 ounces per year in the first two years, which will be increased gradually to 500,000 ounces a year in the following stages of the 20-year term of the project.
The explorations for gold will intensify in the remaining sectors of the mount with a view to increasing the country's reserves estimated at 13 million ounces.
The Methanol Complex in the Mediterranean city of Damietta, costing USD 950 million, has a production capacity of 1.3 million tons a year.