The Zohr, North Alexandria, and Nooros natural gas fields will receive investments worth $27.3 billion in 2018, according to the Minister of Petroleum and Mineral Resources, Tarek El Molla, according to Al Ahram Newspaper.
In addition, Egypt expects to sign 83 new exploration and production (E&P) contracts worth approximately $15.5 billion next year, El Molla projected, adding that 230 new wells would also be drilled at a cost of $2 billion.
In fiscal year (FY) 2016/2017, Egypt received a total of $13.3 billion in foreign direct investment, according to the Central Bank of Egypt (CBE).
With investment increasing, Egyptian officials expect domestic production of natural gas to rise by approximately 27%, or 1.4 billion cubic feet per day (bcf/d), to 6.5 bcf/d by June 2018, Amwal Al Ghad previously reported.
If consumption remains stable, the increased production should enable Egypt to achieve natural gas sufficiency. The country currently consumes approximately 6 bcf/d, according to Amwal Al Ghad.