What could be a major new oil discovery in the western desert area of Egypt, was described at a press conference in Nasr on Thursday (24 June).
GV Conference building and CU Name plaque on wall (2 shots)
CU ZOOM OUT FROM Minister Ali Wali addressing press conference (2 shots)
CU Mr. Walter, AMOCO delegate speaking (2 shots)
SV ZOOM OUT Ali Wali talking to members of the press.
Initials BB/1503 JL/AW/BB/1510
Script is copyright Reuters Limited. All rights reserved
Background: What could be a major new oil discovery in the western desert area of Egypt, was described at a press conference in Nasr on Thursday (24 June). Egypt's Minister of State for Oil and Mineral Resources, Ali Wali, made the announcement and introduced a representative of the American Oil Company (AMOCO) to answer questions on the discovery. The spokesman for AMOCO, Mr. Walter, said that two oil zones and two natural gas zones have been tested so far. Although the oil test rigs can produce upwards of 4,000 barrels a day, more wells need to be drilled to determine the true extent of the reserves.
Mr. Walter said that the discovery was the result of seven years of exploration in that area. Engineers estimate that it will be early 1973 before full production is reached.
SYNOPSIS: In Nasr on Thursday, details of a possible major new oil discovery were given to newsmen.
Egypt's Minister of State for Oil and Mineral Resources, Ali Wali, told newsmen of the find in the western desert region. The discovery was made after seven years of exploration in the area by the American Oil Company, AMOCO. Two oil zones have been tested successfully, at a depth of eleven-thousand and five-hundred feet.
A spokesman for AMOCO, Mr. Walter, said that the true extent of the oil reserves cannot be determined as yet, but indications of a major discovery are very promising. Engineers estimate that full production could be reached by early 1973, although Mr. Ali Wali indicated he would like to see production completed by the end of next summer.