Arab Finance: The Egyptian petroleum sector targets investing EGP 99.6 billion in the development of oil extractions during fiscal year (FY) 2023/2024, Ministry of Planning and Economic Development Hala Elsaid announced, citing a report on the sector’s plan for the current FY.

These investments include a sum of EGP 22.4 billion for crude oil extraction, in addition to EGP 65.4 billion for natural gas production, as per the report.

The private sector accounts for about 84% of the sector’s total investments, while public investments represent 16%, the report added.

The sector’s plan aims to increase crude oil and natural gas production at current prices to EGP 1.09 trillion during FY 2023/2024 and to EGP 1.288 trillion in FY 2025/2026.

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