Eng. Abdel Aleem Taha the Executive Manager of the Petroleum Corporation and the Chairman of the Higher Committee for Oil Wealth stated that the plan of the petroleum sector during the new fiscal year includes executing a program for oil and gas searching and developing the discovered fields through around 7 $ billion foreign investments. This program comes within the frame of the signed petroleum agreements with international petroleum companies in Egypt, which resulted in discoveries promotion and in increasing the proven reserves that reached around 72.3TCF of natural gas in 30/6/2007 and around 4 billion barrels of crude oil and condensates.

The Chairman of the Higher Committee for Oil Wealth criticized publishing false information regarding the amounts of oil and gas reserves referring to the fact that the evaluation of these reserves and discoveries are estimated in accordance with authenticated reports and studies which were prepared by the international petroleum companies operating in Egypt. These reports and studies have been revised and evaluated through petroleum industry experts in the Higher Committee for Oil Wealth; in addition to this the announced number of the formal reserve has been revised through the international consultancy firms upon the request of both the international investing companies operating in Egypt and the international financial institutions financing these projects.

Eng. Abdel Aleem referred to the fact that the announced numbers of reserves are matching that of the formal reports of  the consultancy firms, such as wood Mackenzie and The International British Petroleum taking into consideration that the studies of wood Mackenzie were presented by its specialists in the open forum held in Cairo in June 2006 asserted on the match between its numbers and that of the announced Egyptian reserves, In addition to the fact that Egypt is a promising country in the Natural GAS market during the coming 20 years, taking into consideration the capability of increasing the  amounts of offshore reserves in the Mediterranean sea and Delta, Western Desert and Suez Gulf fields.

Eng. Mahmoud Latif the Chairman of the Egyptian Natural Gas Holding Company (EGAS) announced that the total exported Natural gas is around 30% of the Egyptian production including the foreign partners' share, Eng. Latif said that 70% of the total production is directed to meet the needs of the domestic market as the utmost priority according to the terms of the petroleum agreements. Also he addressed newspapers asking them to be more precise regarding the accurate numbers of the Egyptian reserves and that publishing inaccurate statements have a negative impact on the international companies operating in Egypt and on investments in searching, exploration domains and developing fields as well as its negative impact on the international bids held in the different areas of Egypt  in which international companies participate aiming at intensifying exploration and searching operations to increase production and reserves ,in addition to providing new sources for the petroleum wealth.