Oil ministry of Egypt introduces magnificent oil investments plan
The oil investments rendered by the company would be utilized for the drilling a dozen of exploratory wells in Red Sea, Eastern Sahara and Western Sahara. Oil ministry recently mentioned that, the aim of the ministry is to attract magnificent oil investments, which could reach around 2.5 billion US dollars. With the oil investments the oil ministry would render more than 18 oil concessions. The ministry of oil said the Al-Baraka field has awesome production record from the past few years and it is figured to yield more than 25.2 million barrels. The cumulative production of the Al-Baraka field from December 2007 to the current date is, roughly around 300,000 barrels. Sameh Fahmi added that, the ministry would drill a couple of new wells in the Al-Baraka field after the five development wells. The total oil investments in Al-Baraka reached 60 million USD in 2010 and the production during the year accounted to 1,100 barrels per day.
During 2011-2012 the Al-Baraka would make an effort to yield more than 2,000 barrels per day and the investments in oil would reach more heights. The oil investments are increasing each year more significantly in various parts of the world. Many leading international companies are investing in oil sector since it would bring in great deal of profits and it is considered as an important business by the investor. The investing in oil companies are an emerging and a lucrative business, where plenty of people are attracted by this method. A person can enter the investment arena by rendering a small amount and earn greater return on investments.