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Egypt's Oil & Gas Reserves to Reach 20B b/y

Source: www.gulfoilandgas.com 3/10/2012, Location: Africa

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Egypt's oil and gas reserves are now put at the equivalence of 18.6 billion barrels of crude oil and are projected to reach 20 billion equivalent barrels in a year time. That was reported in the media quoting Eng. Abdallah Ghorab, Minister of Petroleum and Mineral Wealth, indicating that production now is going at a rate of 1.9 billion equivalent barrels of oil. Meanwhile the Minister revealed that plans are on hand to increase the number of vehicles and buses operated by natural gas to reach 205,000 served by 172 fuelling and conversion stations by the end of FY 2012/ 2013. The same year will also witness increasing the number of housing units to be linked with natural gas distribution networks to 750,000 up from 600,000 units at present.

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