Egypt Plans $7B Foreign Investment in Oil, Gas Exploration

BEIRUT (Dow Jones Newswires), August 4, 2008

Egypt plans to implement a program for oil and gas exploration and development in fiscal year 2008-2009 with total foreign investments of $7 billion, Cairo-based Al Ahram daily reported Monday citing Abdul Aleem Taha, executive president of the Egyptian General Petroleum Authority.

Egypt's confirmed crude oil and condensate reserves hit 4.2 billion barrels by end of last June, the highest in the history of the country, breaking the 4.1 billion-barrel record in fiscal year 1993-1994, Taha said according to the paper.

Average crude oil output has reached 690,000 barrels a day, realizing an increase for the first time in 14 years, Taha added.

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