80% of Egypt’s mining and oil wealth undiscovered

Abdullah Ghorab the previous Minister of petroleum has revealed that 80% of the country’s oil and mining wealth has not been discovered yet, especially in the offshore areas of the Mediterranean and in the WesternDesert.

He said that reports did not mention the big oil market which currently served more than 85 million people who consumed more than 75 million tons of oil products, against 18 million people in the year 1952 who consumed only 12 million tons. But he pointed out that Egypt’s oil wealth was being augmented despite the growing consumption and those reserves now were 78,3trillion cubic feet of gas and 4.5 billion barrels of crude oil.

This gave rise to hope that in future, with international companies spending multi-millions to increase their prospecting for gas and oil, they would not be making such huge investments unless indications of oil or gases were there.

A total of US$7 billion has been invested in the oil and gas sector exploration in 2011/2012, in addition to endorsement of almost US$8.6 billion in similar investments in the same sector for the year 2012/2013, he added.