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Article: EGYPT - Exploration.
- Article from:
- APS Review Gas Market Trends
- Article date:
- January 3, 2000
CopyrightCOPYRIGHT 2000 Input Solutions. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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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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