CAIRO: Egypt is expecting an influx of new investments and agreements from international companies for research and exploration in seven pristine areas in Upper Egypt, said an Egyptian official on Saturday. Sameh Fahmi, Egypt's Petroleum and Mineral Resources Minister, said a discovery of oil in the country's southern Al-Baraka field and the presence of an active oil system in Upper Egypt would cause a significant change in the country's petroleum map. In 2010, Egypt's South Valley Holding Company for Petroleum offered the lands in an international auction after four discoveries in Al-Baraka field. The bidding will close in late January. The ministry said on Friday it aims to attract $2.5 billion worth of new investments in its oil sector with a plan of as many as 18 oil concessions to be offered for bidding. The minister said the total proven reserves of Al-Baraka field is estimated at about 25.2 million barrels while its total cumulative production from December 2007 to date is over 300,000 barrels. Fahmi said there were plans to drill two new exploratory wells in the field in addition to five development wells. He added that Egypt is expected to be one of the largest gas exporting countries of the world with its gas reserves estimated at 650 trillion cubic feet of gas. Fahmi said that the ministry gives top priority to meeting the local market needs of petroleum products and natural gas. He went on to say that high rates of consumption constitute one of the most important challenges facing the petroleum sector. BM
