Oil Ministry of Egypt Introduces Magnificent Oil Investments Plan
The Oil Ministry of Egypt recently declared that, the international business organizations are planning to produce oil investments and agreements with the oil ministry, to research and explore oil. The oil investments would be utilized for the research operations at the seven Upper pristine regions of Egypt. The petroleum and mineral resource minister of the Egypt Sameh Fahmi said that, the discovery of the oil in the Al-Baraka field in the southern part of the country and the dynamic oil system in the Upper Egypt would cause a tremendous transformation in the petroleum sector of Egypt. South Valley Holding Company of Egypt in 2010, furnished lands in the international auction, after the four discoveries in the Al-Baraka field. The international auction would be closed in the late January 2011. The report declared from the South Valley Holding Company for petroleum sector portrayed that, in the forthcoming financial year, the company would produce oil investments around 90 million US dollars.
The oil investments rendered by the company would be utilized for the drilling a dozen of exploratory wells in Red Sea, Eastern Sahara and Western Sahara. Oil ministry recently mentioned that, the aim of the ministry is to attract magnificent oil investments, which could reach around 2.5 billion US dollars. With the oil investments the oil ministry would render more than 18 oil concessions. The ministry of oil said the Al-Baraka field has awesome production record from the past few years and it is figured to yield more than 25.2 million barrels. The cumulative production of the Al-Baraka field from December 2007 to the current date is, roughly around 300,000 barrels. Sameh Fahmi added that, the ministry would drill a couple of new wells in the Al-Baraka field after the five development wells. The total oil investments in Al-Baraka reached 60 million USD in 2010 and the production during the year accounted to 1,100 barrels per day.
During 2011-2012 the Al-Baraka would make an effort to yield more than 2,000 barrels per day and the investments in oil would reach more heights. The oil investments are increasing each year more significantly in various parts of the world. Many leading international companies are investing in oil sector since it would bring in great deal of profits and it is considered as an important business by the investor. The investing in oil companies are an emerging and a lucrative business, where plenty of people are attracted by this method. A person can enter the investment arena by rendering a small amount and earn greater return on investments.
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