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Sunday, 11 November 2018

Oil Ministry expects USD 10 bn in new oil and gas investment during current fiscal year

INVESTMENT WATCH- Oil Ministry expects USD 10 bn in new oil and gas investment during current fiscal year. Oil Minister Tarek El Molla said on Saturday that his ministry expects some USD 10 bn in new investment in the sector in 2018-19. The figure includes both funding for both exploration and production activities. The minister said high appetite among international oil companies (IOCs) for Egyptian opportunities underscores their confidence in Egypt’s improved investment climate. The minister expects IOCs to bid in an upcoming sale of exploration blocks in the Red Sea region, saying it would be the first time blocks would be on offer in that region.

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