Egypt mulls claiming share of gas reserves found off Israeli coast

Egyptian Petroleum Minister Sameh Fahmi on Monday said that the government was thinking about claiming a portion of the natural gas reserves recently discovered off the coast of Israel.
Fahmi noted that three other countries besides Israel–Lebanon, Cyprus and Turkey–were also considering making claims to the gas reserves.
The minister cited a recent report issued by the US Geological Survey that stated that total gas reserves found in the area in question amounted to some 122 trillion cubic feet.
“We're studying the precise coordinates of the water borders in order to determine our share of the reserves,” Fahmi said, adding that his ministry would not sign any new gas export agreements given recent jumps in domestic demand.
He added, however, that the suspension of gas export deals could serve to discourage foreign companies from investing in research and exploration in Egypt.
Translated from the Arabic Edition.

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