This is the start of a series of new natural gas discoveries at the concession areas of Rosetta and Borollos in the deep Mediterranean waters where major new natural gas finds were achieved. Rosetta will be an important centre for production, treatment and liquefying natural gas then exporting it to the European countries. When at full capacity, Rosetta will be able to produce 320 million cubic feet daily with confirmed reserves estimated at 2.3 trillion cubic feet.

Minister of Petroleum Sameh Fahmy said that Egypt's confirmed oil reserves (oil, gas and condensates) have witnessed a marked steady increase over the past few years going up from three billion equivalent barrels to 9.7 billion barrels in 1999, then to 14 billion barrels this year. The cost of developing Rosetta is estimated at $360 million including exploration, onshore and offshore facilities, treatment plants and transportation lines.

Egypt signed agreements to export 10 million cubic metres of natural gas per day to France, Spain, Jordan, Syria and Lebanon.

Jordan will be the first recipient of Egypt's natural gas as of the first half of next year via pipeline while France and Spain will be supplied with liquefied gas from Egypt as of the year 2004.

The Egyptian General Petroleum Corporation has a 50% interest, British Gas holds 20%, Shell holds 20% percent and Edison holds the remaining 10%.