Egypt’s Minister of Petroleum and Mineral Resources, Tarek El-Molla, announced plans to increase foreign investments in the oil and gas sector by approximately 25% in the upcoming fiscal year 2025/2024  to reach $7.5 billion, he said on the sidelines of Egypt’s Petroleum Exhibition and Conference “EGYPES 2024”.

Foreign investments

This is compared to the expected $6 billion in the current fiscal year 2023/2024, which concludes at the end of June, El-Molla highlighted.

Foreign investments in Egypt’s oil and gas sector increased to $5.6 billion in FY 2022/2023, up from $4.7 billion in the previous fiscal year, according to data from the petroleum ministry.

Regarding the gas sector, the minister highlighted that Egypt’s current gas production has dropped to 5.5 billion cubic feet due to field aging and well depletion. He explained that Egypt is actively working to address this decline, especially as geopolitical events have negatively affected some new exploration activities.

Furthermore, the minister noted that natural gas exports during the winter months fluctuated between 3 to 4 shipments per month. He emphasized that there would be no exports during the summer to fulfill the domestic market’s demands during the upcoming high-temperature season.

Source: Business monthly