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Oil companies continue Egypt investments despite political tensions
NAGLAA KAMAL MARIAM BADR EL DIN SAMAR SAMIR Published in Youm7 on 31 - 08 - 2011

CAIRO: Several oil companies in Egypt said they will continue investment and production plans despite the country's political uncertainty. They said the production wheel in Egypt is not negatively affected by the political situation.
Oil companies' chairmen said the petroleum companies are usually located in deserts and far from the places witnessing political tensions.
Chairman of Choucair Marine Oil Co. Mustafa Shehata said production continues at the company's site. He said the company produces 1,100 barrels of crude oil per day.
El Wastani Petroleum Company (WASCO)'s chairman said his company aims to carry out investment plans and make new investments worth U.S. $120 million for maintenance on oil wells to increase the production rate.
The company will also spent $150 million to develop two new wells to increase productivity by 100 percent.
In related news, the Egyptian Ministry of Planning will intensify oil and natural gas discovery operations across Egypt, especially in the Mediterranean Sea and Wadi Gedid.
An international auction will be held for companies to bid for the discovery operations to sign more contracts for increasing crude oil production to be reserved for the coming generations.
That petroleum sector aims to produce 28.5 million tons of crude oil and 53.4 million tons of natural gas during the 2010/2011 year.

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