Egypt to Launch International Auction for Gas, Oil Exploration

BEIRUT (Dow Jones Newswires), August 12, 2008

Egypt is preparing to launch an international auction for gas and oil exploration projects in seven new areas in the Mediterranean, Cairo-based Al Ahram daily reported Tuesday.

These areas' gas reserves represent 81% of the country's confirmed gas reserves, the paper reported citing a report by the Egyptian Natural Gas Holding Co.

The current fiscal year is expected to witness the launch of 14 projects to develop and start production at new oil and gas explorations with total investments of about $3 billion, the report said according to the paper.

These projects will add a daily output of more than one billion cubic feet of gas and 1,300 barrels of petroleum condensates and with total reserves of 5.8 trillion cubic feet of gas and two million barrels of condensates, the report said.

Copyright (c) 2008 Dow Jones & Company, Inc.

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