Egypt signed 51 agreements with international oil companies (IOCs), which will attract $27.2 billion to the oil and gas sector in the coming period, stated Tarek El Molla, Minister of Petroleum, according to Al Ahram Newspaper.

The new agreements will boost production capacities, expand exploration and production (E&P) operations and contribute to social development in the areas of exploration, El Molla noted.

The ministry targets securing energy supplies to the country and implementing a strategy to turn Egypt into a regional oil and gas trading hub, El Molla pointed out, adding that a committee has been formed to achieve this strategy.