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EGYPT - Part 2 - Profiles Of The Oilfields.

Egypt's oil production has been falling steadily since the third quarter of 1995 when it peaked at 950,000 b/d. The output in recent weeks was almost 700,000 b/d, but it is expected to fall in the coming months and the 2004 average might be about 650,000 b/d. Most of Egypt's oilfields declining due to reserves depletion and a resultant fall in reservoir pressure.

By contrast, Egypt's gas production has risen rapidly in recent years to reach almost 3,800 MCF/day now and should exceed 6,000 MCF/day by 2015 (see profiles of the gas fields & operators in Gas Market Trends).

There are more than 240 fields of various sizes in Egypt, offshore and onshore, including over 150 gas fields discovered during the past 20 years. Most of the oil is being produced in partnership with state-owned Egyptian General Petroleum Corp. (EGPC). The oilfields in Upper Egypt are being operated in partnership with the Petroleum Ministry's new Ganoub El Wadi Petroleum Co. (Ganope), a firm set up in 2003 to be in charge of this region's E&P operations. Some of the small fields are run by EGPC's operating subsidiaries General Petroleum Co. (GPC) and Geisum Oil Co. Natural gas is being developed and produced in partnership the Egyptian Natural Gas Holding Co. (Egas). E&P deals have evolved since the 1950s, when ENI of Italy pioneered the concept of 50-50 partnership with Egypt and other Middle East states, and are mostly based on production-sharing agreements (PSAs).

The state companies encourage their operating partners to develop all their commercial oil and gas discoveries as quickly as possible to maximise the country's petroleum production capacity. The recovery rates of new and mature fields are raised through water and gas injection systems as well as advanced techniques. Infill drilling, continuing exploration and delineation around known fields have resulted in additional reservoirs and extensions containing oil and bigger reserves of natural gas.
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Publication:APS Review Oil Market Trends
Date:Jan 12, 2004
Previous Article:OMAN - Supply Overhang Ahead.
Next Article:EGYPT - Profiles Of The Eastern Ventures.

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