Egypt sees 13 percent surge in oil, gas finds

Egypt sees 13 percent surge in oil, gas finds
The 47 crude oil and 15 natural gas reserves were found in the Western Desert, the Eastern Desert, Gulf of Suez, Nile Delta and the Mediterranean Sea. (Reuters)
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Updated 07 January 2021

Egypt sees 13 percent surge in oil, gas finds

Egypt sees 13 percent surge in oil, gas finds
  • Petroleum Ministry embarking on plans to repay foreign debts

CAIRO: Egypt has witnessed a 13 percent surge in the discovery of oil and gas reserves in 2020 compared with the previous year.

According to the country’s Ministry of Petroleum and Mineral Resources, 62 oil and gas reserves were found in 2020, a year in which the global economy struggled due to the coronavirus pandemic.

The 47 crude oil and 15 natural gas reserves were found in the Western Desert, the Eastern Desert, Gulf of Suez, Nile Delta and the Mediterranean Sea. 

In 2019, Egypt discovered 40 crude oil and 15 natural gas reserves in the Mediterranean, the Western Desert, the Eastern Desert, Gulf of Suez, Nile Delta and Sinai. 

The ministry said that these “positive results” indicate the success of research and exploration in current oil fields, and suggest the existence of further petroleum resources that are yet to be discovered.

Modern technologies and advanced geological theories have contributed to better research results, it added.

The ministry plans to increase production of crude oil and counter the phenomenon of the natural diminishment of wells and old fields by investing in programs for research, exploration, drilling and development of wells.

In 2020, Cairo signed 22 agreements with global firms such as ExxonMobil and Chevron to make investments worth $1.6 billion to develop the reserves and deals worth $139 million for oil well drilling at 74 sites. 

An official at the General Authority for Petroleum said the Mediterranean Sea is one of the sites rich in crude and gas reserves.

Egypt’s largest Zohr offshore gas field in the Mediterranean Sea, which was discovered by Italy’s giant Eni in 2015, greatly contributes to the country’s natural gas production as it produces about 2.7 billion cubic feet on a daily basis.

He said that these deals will help the Egyptian government overcome economic challenges.

The official said the Petroleum Ministry is successfully embarking on its plans to repay debts to foreign oil companies, which stood at $6.3 billion in 2013.

He said that by the end of June 2020 the debts had fallen to $850 million.


China was largest recipient of FDI in 2020 — UNCTAD report

In this Jan. 25, 2020, file photo, an ambulance drives across a nearly empty bridge in Wuhan, China, after the city was placed under a 76-day lockdown amid a rising COVID-19 outbreak. China managed to place the contagion under control early while other countries continue to suffer from the pandemic one year after. (Chinatopix via AP, File)
In this Jan. 25, 2020, file photo, an ambulance drives across a nearly empty bridge in Wuhan, China, after the city was placed under a 76-day lockdown amid a rising COVID-19 outbreak. China managed to place the contagion under control early while other countries continue to suffer from the pandemic one year after. (Chinatopix via AP, File)
Updated 23 min 26 sec ago

China was largest recipient of FDI in 2020 — UNCTAD report

In this Jan. 25, 2020, file photo, an ambulance drives across a nearly empty bridge in Wuhan, China, after the city was placed under a 76-day lockdown amid a rising COVID-19 outbreak. China managed to place the contagion under control early while other countries continue to suffer from the pandemic one year after. (Chinatopix via AP, File)
  • China’s $163 billion in inflows last year, compared to $134 billion attracted by the US
  • In 2019, the US had received $251 billion in inflows and China received $140 billion

China was the largest recipient of foreign direct investment in 2020 as the coronavirus outbreak spread across the world during the course of the year, with the Chinese economy having brought in $163 billion in inflows.
China’s $163 billion in inflows last year, compared to $134 billion attracted by the United States, the United Nations Conference on Trade and Development (UNCTAD) said in a report released on Sunday.
In 2019, the United States had received $251 billion in inflows and China received $140 billion.
China’s economy picked up speed in the fourth quarter, with growth beating expectations as it ended a rough coronavirus-striken 2020 in remarkably good shape and remained poised to expand further this year even as the global pandemic rages unabated.
China’s gross domestic product grew 2.3% in 2020, official data showed last week, making China the only major economy in the world to avoid a contraction last year.
The world’s second-largest economy has surprised many with the speed of its recovery from the coronavirus jolt, especially as policymakers have also had to navigate tense US-China relations on trade and other fronts.
Overall, global FDI had collapsed in 2020, falling by 42% to an estimated $859 billion, from $1.5 trillion in 2019, according to the UNCTAD report.
“FDI finished 2020 more than 30% below the trough after the global financial crisis in 2009,” the UNCTAD said on Sunday.
FDI flows fell by 37% in Latin American and the Caribbean, by 18% in Africa, and by 4% in developing Asia, the report added.
East Asia accounted for a third of global FDI in 2020, while FDI flows to developed countries fell by 69%.