INA Discovers Oil in Egypt

Croatia's INA and the German company RWE-DEA announced a discovery of oil in the West Desert territory in Egypt.

The East Yidma concession was obtained in 2002 and the Croatian oil company INA took over its management in a partnership with the German company RWE-DEA, with a 50 percent share. INA has so far invested around 15 million dollars in the East Yidma project. At the entire location INA is supposed to derive around 3,000 barrels of high-quality light sulphur-free oil.

Demining has been conducted

As the East Yidma concession area was once the stage of one of the biggest battles in World War II, known as the Battle for El-Alamein, the clearing of 2,200 hectares of heavily mined territory was conducted before the commencement of seismic works.

Putting into production during 2007

After a required consent from the partner and Egyptian authorities, the discovered oil field will be put into production during 2007, and by the year 2010 the complete production in the whole area should have come to life, the Bankamagazin.hr writes.