Egypt’s oil reserves stand at over 4 bn barrels

July 14th, 2008 - 8:56 pm ICT by IANS  

RIA Novosti
Cairo, July 14 (RIA Novosti) Egypt’s proven oil and natural gas reserves have risen to record levels of over four billion barrels of crude and two trillion cubic meters of gas, media reported Monday. Active mainland and off-shore prospecting under international agreements and with the introduction of new technology at existing deposits have enabled the North African country to push up its reserves.

As of the end of the fiscal year (June 30, 2008), the country’s oil reserves stood at 4.189 billion barrels, the highest level since the start of hydrocarbon production in Egypt, said a report compiled by the country’s commission for oil resources.

At the same time, natural gas reserves grew 10 percent to 2.15 trillion cubic meters, the report said.

“The unprecedented growth of world oil prices has increased twofold the value of Egyptian oil reserves,” the report said.
RIA Novosti

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