Middle East Economic Survey

VOL. XLVIII

No 48

28-November-2005

EGYPT

Petrobel Makes Oil Discovery In Sinai

Egypts Ministry of Petroleum on 19 November announced that Petrobel, a joint venture between Italys Agip, a subsidiary of Eni, and the Egyptian General Petroleum Company (EGPC), had discovered oil in the Belayim-Abu Rudeis area of the Sinai Peninsula. Petroleum Minister Sameh Fahmy said initial tests showed reserves of 20mn barrels, adding that production would begin in about six months at a...