Egypt showcases 61 investment opportunities in oil, natural gas sector
Updated 10/1/2024 10:55:00 AM
Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi has conducted a comprehensive workshop on investment opportunities in research, exploration, and production at the ministry’s headquarters in the New Administrative Capital, as per a statement.
This initiative highlights the Egypt Upstream Gateway (EUG), which features 42 exploration opportunities across the Mediterranean and Red Seas, the Nile Delta, and the Eastern and Western Deserts.
Additionally, the portal presents four undeveloped discoveries in the Mediterranean and 15 opportunities aimed at revamping brownfields in the Gulf of Suez, the Western Desert, and the Nile Delta.
The workshop was attended by notable figures, including the Deputy Speaker of the House of Representatives Mohamed Abou El-Enein, Head of the parliament's Energy and Environment Committee Talaat El-Sewedy, and the Chairman of the parliament’s Industry Committee Mohamed El-Sallab.
Various leaders from the energy sector, investors’ associations, and Egyptian private petroleum companies were also among attendants.
Badawi emphasized the importance of collective effort in achieving Egypt's development goals and effectively utilizing its oil and mineral resources.
He expressed confidence in the nation’s capacity to optimize these resources and establish Egypt as a regional energy hub while leveraging the expertise of its workforce.
He underscored the need for collaboration among attendees to promote these opportunities and attract new investments that align with the government's production goals.
The workshop featured a presentation by the EUG Project Manager Mohamed Radwan, detailing the portal's offerings, which include 61 investment opportunities characterized by their potential for petroleum and gas extraction.
The portal provides comprehensive data on each opportunity, covering investment requirements and expected returns, with access available via a dedicated online platform.
To further facilitate investment, Badawi highlighted plans for ongoing meetings and workshops with interested investors, ensuring a dedicated team is available to address inquiries and clarify agreement terms for proposed regions.
In his remarks, Abou El-Enein hailed the initiative as vital for national energy security, calling for effective marketing of investment opportunities to stimulate the private sector.
El-Sewedy stressed the importance of supporting investments in the petroleum sector to reduce import costs and encouraged ongoing dialogue between new and seasoned investors.
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