Egypt has announced the discovery of oil in the Sinai Peninsula, this time in the southern part of the region.
The country's Ministry of Petroleum said Friday production had already begun at the newly discovered well. The site is located 40 kilometers south of Abu Rudais City.
The well is producing 2,270 barrels of crude per day, Medhat al-Sayyed, head of Beyayim Petroleum Company told Egypt's daily newspaper, the Arabic-language Al-Masry Al-Youm, in an article translated by media watchdog organization, the Independent Media Review and Analysis (IMRA).
The find was discovered at a depth of 3.12 meters, some 2,734 kilometers from the beach, Sayyed reported in a document he submitted to Oil Minister Abdullah Ghorab. The reserve is estimated at approximately 5.5 million barrels of crude oil, according to the statement issued by the Petroleum Ministry.
In 1979, Prime Minister Menachem Begin and Egyptian President Anwar Sadat signed the historic Israeli-Egyptian peace treaty on the lawn of the White House in Washington D.C., under the watchful gaze of President Jimmy Carter. The peace that resulted, albeit cold, has lasted till this day.
In its withdrawal from Sinai, Israel gave up the homes of 7,000 Israelis, military installations, strategic defense locations – and the Alma oil field and Sadot gas field, valued at more than $100 billion.
Had the Jewish State kept the oil reserves it had discovered in 1973, it would have meant energy independence for Israel.
Currently Egypt supplies approximately 40 percent of Israel's natural gas through the Sinai pipeline, which has been repeatedly attacked by terrorists since the Tahrir Square revolution that ignited at the beginning of this year. Israeli citzen's electricity bills have risen as a result.