Egypt achieved the highest rate of oil discoveries compared to discoveries of all OAPEC countries where Egypt has accounted for 64% of total volume of discoveries during the past five years, according to the latest report on the oil activity.

Minister of Petroleum Sameh Fahmy said that the volume of discoveries does not reflect the volume of reserves, but it indicates recovery of the petroleum activity in Egypt and the continued flow of investments. He pointed out that the volume of daily production reaches 2 million barrels.

The Minister noted that Egypt will host next Saturday 25/12/2010, the summit of Arab Petroleum Exporting Countries, “OAPEC”, scheduled to be held under the chairmanship of the United Arab Emirates (UAE). The Summit will discuss a number of important economic and technical files, topped by stability of prices and its impact on the flow of investments for oil, he added.

(Source: globalarabnetwork)