Daily Israel Report
08:09
Reported

News Brief

  5/28/2012, Sivan 7, 5772

Egypt Looking for Oil and Gas in Waters near Israel


Egypt decided, over the weekend, to publish a competitive bid for international companies to drill for oil and natural gas in 15 areas. President Muhammad Sha'yab of the Egas company said six of the Mediterranean areas are in Egypt's territorial waters near the maritime border between Israel and Cyprus. Two other areas are in the Nile Delta.

Sha'yab said all indications are that there are large amounts of gas in the area. He said it's the first time that searches will be undertaken with other countries in the border area.