New oil field found in Upper Egypt

A new oil field was found in Upper Egypt, which is the first petroleum discovery in the area, local media reported on Tuesday.

New oil field found in Upper Egypt

A new oil field was found in Upper Egypt, which is the first petroleum discovery in the area, local media reported on Tuesday.

The finding was announced by Egyptian Minister of Petroleum Sameh Fahmi, who said the new oil field named al-Baraka in Kom Ombu, 80 km north of Aswan, has an estimated reserve of eight million barrels of high quality crude oil.

Accompanied by Aswan Governor Major General Samir Youssef, Fahmi inspected the oil field Monday and disclosed that 30 million U.S. dollars will be invested in the first stage to develop the discovery.

The minister highlighted the significance of the finding during the visit, saying the new discovery will open new horizons for the development of the Upper Egypt govern orates.

Hassan Aql, chairman of the Higher Committee for Oil Wealth, said the oil field will soon be put into production and the crude oil will be sent to Assuit oil refinery by railway.

Intensive exploration activities with some 282-million-dollar-worth investments have been carried out recently in cooperation with 10 world companies to dig 46 oil wells in Upper Egypt, Aql added.

Agencies

Last Mod: 04 Eylül 2007, 16:05
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