Egypt's Minister of Petroleum and Mineral Resources Sameh Fahmi said yesterday that his government was considering claiming a stake in the natural gas reserves recently discovered off the coast of Israel, Egyptian newspaper "Al-Masry Al-Youm" reported.
Fahmi observed that three other countries besides Israel - Lebanon, Cyprus and Turkey - were also considering staking claims on the gas reserves.
Fahmi cited a recent report by the US Geological Survey that said that total gas reserves found in the area amounted to 122 trillion cubic feet.
Fahmi said “We're studying the precise coordinates of the water borders in order to determine our share of the reserves.”
He added that his ministry would not sign any new gas export agreements given recent jumps in domestic demand. Fahmi said that the suspension of gas export deals could serve to discourage foreign companies from investing in research and exploration in Egypt.
Published by Globes, Israel business news - www.globes-online.com - on January 25, 2011
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