Foreign direct investment (FDI) in Egypt’s oil and gas sector reached $10 billion in fiscal year (FY) 2017/18, Minister of Petroleum Tarek El Molla told Al Ahram newspaper in an interview published on August 24, Reuters reported.
El Molla stated in the interview that he expects the same amount of investment for the current fiscal year, which runs from July to June in Egypt.
In comparison, Egypt’s petroleum sector received $8.1 billion of foreign investment in FY 2016/17.
Egypt is expected to become self-sufficient in natural gas by the end of 2018, with plans to become a regional gas export hub off the back of major discoveries in the Mediterranean Sea.
Egypt’s Zohr gas field located in the Mediterranean is expected to reach 2 billion cubic feet per day in production capacity by September, according to field operator Eni.