Egypt aims for foreign investment in the oil and gas sector to reach about $10 billion in the 2018-2019 fiscal year that begins in July, Petroleum Minister Tarek El Molla said April 22.
Molla said he expected foreign investments to total the same amount for the current fiscal year, marking a 25% increase from the previous year. The gain comes as a result of foreign companies investing in major gas projects in the Mediterranean, he said.
Egypt aims to increase its gas production from newly discovered fields, which include the mammoth Zohr asset discovered by Italy’s Eni in 2015.
Once a gas exporter, Egypt hopes to halt imports by 2019.
Recommended Reading
BP Awards Subsea Alliance Contract for UK North Sea Development
2024-07-31 - SLB, OneSubsea, Subsea 7 and the Subsea Integration Alliance will increase speed of tool delivery, optimize installation and reduce rig days at BP’s Murlach development in the North Sea.
Offshore, Middle East Buoys SLB’s 2Q as US Land Revenue Falls
2024-07-19 - Driven by a strong offshore market and bolstered by strategic acquisitions and digital innovation, SLB saw a robust second quarter offset by lower drilling revenue in the U.S.
Helix Secures Multi-year GoM Contract with Shell Offshore
2024-09-04 - Under the contract, to begin in 2025, Helix Energy Solutions will provide well intervention services for Shell Offshore in the U.S. Gulf of Mexico.
Offshore Guyana: ‘The Place to Spend Money’
2024-07-09 - Exxon Mobil, Hess and CNOOC are prepared to pump as much as $105 billion into the vast potential of the Stabroek Block.
Dividends Declared in the Week of Aug. 19
2024-08-23 - As second-quarter earnings wrap up, here is a selection of dividends declared in the energy industry.