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Recent Developments in Egypt’s Petroleum Industry

Source: www.oilegypt.com 1/13/2004, Location: Africa

The Egyptian Minister of Petroleum Eng. Sameh Fahmy explained yesterday during his meeting with the budget and planning committee in the people assembly the petroleum sector achievements during the fiscal year 2002/2003. "Last year the petroleum sector has achieved a total production of 57.2 million equivalent ton of crude, condensates and natural gas which is considered the highest annual production rate in Egypt's history" the minister said.

At the end of 2003 Egypt's petroleum reserves reached 14.7 billion equivalent barrels in addition to petroleum products close to $9 billion for covering the increase in local market consumption, which rose to 43.8 million ton in 2002/2003.

During the fiscal year 2002/2003 the petroleum sector achieved an export total of $3.4 billion of oil, gas and related products.

Due to major recent natural gas discoveries and abundant natural gas production, Egypt is developing natural gas export whether through pipelines or as a liquefied natural gas with a quantity of 13.5 million ton by the end of 2006 with a total foreign investments of $3 billion.

With a total investment of $750 million Egypt starts to implement the first phase of its 20 years petrochemical plans which involves establishing three major petrochemicals projects: Alkyl Benzene, Propylene and poly propylene projects.


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