Egypt seeks to attract $8B investments from foreign oil companies in 2023
Updated 2/14/2023 3:37:00 PM
Arab Finance: Egypt aims to attract further investments of about $8 billion this year from foreign oil companies operating in the country Petroleum Minister Tarek El-Molla said in an interview with Asharq Business on February 14th.
It is noteworthy that foreign oil companies invested a total of $5.7 billion in Egypt during the elapsed fiscal year (FY) 2021/2022.
Moreover, El-Molla said, on the sidelines of EGYPS 2023, that Egypt expects gas reserves of the newly discovered Nargis field to reach between 2 and 2.5 trillion cubic feet.
He noted that Chevron is proceeding with the necessary research regarding the reserves of the Nargis gas field, which will give a clearer picture of the size of the reserves at the end.
Regarding the three oil and gas exploration bids that Egypt intends to launch this year, the minister explained that two of them will be offered through a special digital platform in the eastern and western deserts, the Nile Delta, and the southern valley, while the third bid will be through the obsolete field development system
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