Egypt supporting oil, gas exploration to lure foreign investments

Egypt Petroleum Minister Sameh Fahmy highlighted the importance of supporting oil and gas exploration works. Fahmy went on to say that it is necessary to lure foreign investments to maximize opportunities in a dynamic energy market.

The Minister made the remarks Thursday 9/9/2010 during the convocation of the general assembly of the Egyptian Natural Gas Holding Company (EGAS) to review the business results for the Fiscal Year 2009/2010.

Fahmy said that the oil and gas exploration works require huge investments and new technologies in a bid to meet increasing natural gas needs.

EGAS Chairman, Mahmoud Latif said that the number of petroleum agreements signed with the international companies for oil exploration hit 26, noting that as many as 22 new natural gas discoveries were made in 2009 in the regions of the Mediterranean, Nile Delta and Western Desert.


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