Egypt’s petroleum sector targets $7.5B in foreign investments for FY2024/25
Updated 2/21/2024 6:51:00 AM
Arab Finance: Egypt aims to increase foreign investments in the oil and natural gas sector by about 25% to $7.5 billion in fiscal year (FY) 2024/2025, from an expected investment of $6 billion in the current FY, Minister of Petroleum and Mineral Resources Tarek El-Molla told Asharq Business on the sidelines of Egypt Energy Show (EGYPES 2024).
During FY 2022/2023, foreign investments directed to the sector amounted to $5.6 billion, compared to $4.7 billion a FY earlier.
The minister also revealed that Egypt's production of natural gas currently stands at 5.5 billion cubic feet, dropping by about 5% from its levels in 2023.
Moreover, he attributed this drop to the geopolitical tensions that have negatively impacted some new exploration works, pointing out that Egypt is working to contain this decline.
El-Molla added that Egypt's natural gas exports this winter ranged between 3 and 4 shipments per month, noting that there will be no exports in the upcoming summer to meet the needs of the local market in light of the rising temperatures.
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