Sunday, November 20, 2005

Exploration: Egypt discovers Sinai oil well

Sorry for posting yet another oil story, but I thought this is worth mentioning.

Egypt has announced that a new oil well has been discovered in Southern Sinai with estimated reserves of 20 million barrels and a 5000 bpd capacity.

In a press statement Petroleum Minister Sameh Fahmy, said that the discovery's production map will be drawn out within six months. It is the first time in 40 years that an Egyptian firm has made a similar discovery.