afrol News, 12 December - According to an Egyptian state company, the country's crude oil and natural gas reserves are far greater than reported internationally. Especially new gas discoveries contributed to this.

"Egypt's reserves of natural gas hit 76 trillion cubic feet till June 2008," the Chairman of the Egyptian Natural Gas Holding Company (EGAS) Eng, Mahmoud Latif stated this week.

In his statements, Mr Latif strongly denied reports to the effect that Egypt's reserves of natural gas did not exceed 27 trillion cubic feet, saying "this figure represents gas reserves in March 2007."

Many new natural gas discoveries since that date had strongly increased Egypt's known reserves, he pointed out. Already by the end of June this year, the gas reserves had increased to reach 36.6 trillion cubic feet, Mr Latif added.

And during the second half of this year, Egypt's known natural gas reserves again had doubled, according to Mr Latif. They have now reached 76 trillion cubic feet, he claimed.

The EGAS Chairman also strongly refuted as" groundless" the politically controversial reports that Egypt was losing Egyptian pound 50 million (euro 6.8 million) daily because of exporting gas to Israel.

Meanwhile, Abdel-Alim Taha, the executive chairman of the Egyptian General Petroleum Corporation (EGPC), explained that Egypt's petroleum and gas reserves are estimated in accordance with the world systems and standards.

"Egypt's announced reserve, which can be produced from crude oil and condensates at the end of June 2008, is 4.2 billion barrels, with an increase of 220 million barrels compared to the last fiscal year," said Mr Taha.

Nevertheless, Egypt saw its peak in oil production in 1995, producing 950,000 barrels a day. The country however still produces enough oil to maintain its position as a net exporter.

Natural gas, on the other hand, is sailing up as the primary growth engine of Egypt's energy sector for the foreseeable future, with a seemingly endless market across the Mediterranean Sea, in the European Union. Egypt is on its way to becoming a leading supplier of natural gas throughout the region.

By staff writer

© afrol News

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