The Deputy of Investment Affairs for the Ministry of Petroleum Ahmed Ashmawi announced that Egypt will move to sixth place on the list of nations with the greatest natural gas reserves--up from its current position as sixteenth--based on the findings of a US Geological Survey report.
In a meeting Friday with members of the Egyptian-European Council and ambassadors from most EU nations, Ashmawi explained that the report showed presence of gas, oil and condensate in Egyptian waters in the Mediterranean Sea totaling approximately 223 trillion cubic feet of gas and 8 million barrels of oil and condensate. According to the American report, the Egyptian territorial water and the Mexican gulf have the largest areas of natural gas reserves in the world.
Ashmawi called upon the concerned ministries in Egypt to define their expected needs for gas and petroleum products in order to accomodate increased production. He emphasized the need for such planning in factories and energy-intensive investments like cement, steel and fertilizer factories and power plants. This would help agencies more easily put in place plans and strategies to prepare for heightened energy needs.
Egyptian General Petroleum Corporation President Abdallah Ghurab said that the corporation intends to use the American report as a guide in new exploration operations in the regions mentioned, so that the expeditions will be more appealing to global companies.