Active mainland and off shore prospecting under international agreements twinned with the introduction of new technology at existing deposits have enabled the North African country to push up its reserves.
As of the end of the fiscal year (June 30, 2008), the country's oil reserves stood at 4.189 billion barrels, the highest level since the start of hydrocarbon production in Egypt, national media said, referring to a report compiled by the country's commission for oil resources.
At the same time, natural gas reserves grew 10% to 2.15 trillion cubic meters, the report said.
"The unprecedented growth of world oil prices has increased twofold the value of Egyptian oil reserves," Egyptian media quoted the authors of the report as saying.
