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A top Egyptian oil official has revealed that the North African state plans to drill 520 exploratory and development wells for oil and 36 for natural gas in 2010.
Egypt’s Minister of Petroleum, Sameh Fahmy, told the local newspaper Ahram, that the drilling costs for the oil wells will be around US$2 billion with the gas wells costing $1 billion due to them being in the Nile Delta and the Mediterranean.
The Egyptian General Petroleum Corporation awarded the concessions where the drilling will take place.
Egypt has also said that no export contracts for gas will be signed for the foreseeable future due to rising domestic demand.
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