Article: EGYPT - Exploration.

There are 49 drilling rigs now in operation in various parts of the country, representing the highest number of rigs in the Middle East and Africa. A total of 198 exploration agreements have been signed in the past 18 years, including 7 deals in 1999 with 5 companies on areas of about 73,000 sq km and about $1.1 bn commitments to drill 40 wells. Since 1981, companies have spent over $23 bn on E&P, i.e., about $1.3 bn/year, and the spending in 2000 is expected to be $2 bn. The oil ministry has extended offshore exploration to extra-territorial waters within an "economic zone" of 180-360 km from the Egyptian shore and with water depths exceeding 3 km. (In the 1982 UN ...

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