Egypt’s proven natural gas reserves rose to around 77.2 trillion cubic feet in the 2008 to 2009 fiscal year, an oil ministry report said, up 1.2 trillion cubic feet from the previous year’s reported figure.

Egypt said last year its reserves stood at 76 trillion cubic feet for fiscal 2007 to 2008, wrote Reuters.

The country’s reserves of crude oil and condensates rose 220 million barrels to 4.4 billion barrels in the fiscal year which ended 30 June, the report said.

Egypt is a major natural gas exporter but the most populous Arab country said last year it would not sign any new gas export contracts until 2010 in order to meet rising local demand.

(Upstream Online)