Egypt Plans $1 Billion Investment for Oil, Gas Exploration

Egypt's Minister of Petroleum Abdallah Ghorab says that Egypt is working on a plan to explore for oil and natural gas in Sinai.

The plan, which will continue until the year 2014, aims to drill 60 wells with investments worth around $1 billion. Ghorab noted that the wells should help meet the local market's needs and increase the strategic reserves of oil and natural gas.

Last Saturday Petroleum and Mineral Resources Minister Mohamed Ghorab said negotiations with Spain to increase natural gas exports prices are almost finalized in Cairo.

Source: Bikya Masr