Germany s RWI oil plans to increase investment in the Egyptian oil and gas sector, according to reports by international news agency UPI.
Hand Andrea, the company s director, told reporters in Cairo Thursday that Egypt s Nile Delta and the Mediterranean areas were not fully explored. The comments were reported by Egypt s official Middle East News Agency. No direct quotes were provided.
He was reported to have said tat Germany was interested in increasing its investment in Egypt s oil and natural gas exploration sector. It s also interested in setting up liquefied gas units in Damietta and Edko, he added.
RWI has three concessions in the Suez Gulf with daily output at 17,000 barrels, UPI noted. He said the company was likely to get a concession to prospect for oil in Tanta.
Egypt s estimated proven oil reserves stand at 3.7 billion barrels and production averages 579,000 bbl/d, according to the Oil and Gas Journal. But with new exploration, the country hopes to further increase production.
Natural-gas production, which averaged 3.6 billion feet per day in 2004, is considered to provide the country a huge potential for growth, according to the US Energy Information Administration, the Department of Energy s data arm. The country s reserves in 2004 stood at 58.5 trillion cubic feet, the Oil and Natural Gas Journal says.