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Egypt’s deepwater potential: Deep offshore growth promises daunting challenges, but great rewards

Deep and ultra-deep waters around the world offer impressive potential as a source of oil and gas.In a 2004 study of deep water petroleum potential, Wood Mackenzie Group concluded that total resources expected to be discovered in the world’s deep waters total 260 billion bbl of oil equivalent (boe). About 50 billion bbl of crude and 28 billion bbl of gas equivalent have been discovered to date; yet-to-find reserves of about 180 billion boe include 114 billion bbl of oil and 68 billion bbl of gas equivalent.In 2004, oil and gas production from deep water accounted for about 5% of the world’s total, a share that is expected to reach 9% by 2010, according to Wood Mackenzie.The ch...

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