discovery of an oil well in Egypt




A source at the General Authority for Petroleum, the discovery of the company «Trans Global» Canada, the largest oil well in the world, Trough dropper Western Sahara, near Marsa Matrouh. He said that studies «three-dimensional seismic» to the size of the reserve, it expects to extract 20 billion barrels (equivalent) per year of oil and condensate and gas, making Egypt the largest oil producer in Africa and the world, in a few months. The source explained «home», the Petroleum Authority had sent a team from the operating room to follow up on drilling the new field, to put on the production map, and considered that this discovery will solve the crises of diesel, gasoline and electricity during the summer period, over the coming years. He pointed to inform the «president» of the new field of interest in it, especially as it will change the situation Egypt economically on a global level, pointing out that Egypt has only 1% of world reserves of natural gas, while the country has a reserve Petrolaa of petroleum products and natural gas and condensate size of 17.2 billion barrels of oil equivalent , natural gas reserves and accounts for about 75% of them. The engineer said Aziz Effat, petroleum expert, said that Egypt would benefit financially significantly from the new field, especially with the increasing consumption of petroleum products, and added that these large fields need constant development, to maintain the daily production rates. He said Effat «home» that if ratified seismic studies expectations, will benefit and enters more than one billion dollars a month for the national economy, and reduce fuel import, indicating that the government may resort to abolish energy subsidies altogether. And he demanded the intervention of the Council of Ministers to amend the Petroleum Agreements to allow foreign partners to inject a large and risky investments in the Egyptian petroleum sector, to facilitate the search and exploration of oil and natural gas fields. He added that the interest in producing fields, major increases production rates, pointing to the existence of more than 100 trillion cubic feet up in Egypt yet to be discovered. Related News: Ministry of Petroleum: We have no information about the well discovered

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