The Egyptian oil and gas sector plans to attract $10 billion of investments in fiscal year (FY) 2019/20, adding to the $30 billion invested over the past three years, an industry head stated, according to Zawya.

According to Mohamed Saad, Head of the Oil Chamber at the Federation of Egyptian Industries, the money invested in the oil and gas sector during FY 2018/19 and 2017/18 helped the country reach natural gas self-sufficiency,

“During 2018, Egypt was able to achieve self-sufficiency of gas, where the volume of domestic production [rose] to 6.6 billion cubic feet per day, while the total volume of investments for oil and gas exploration and the development of fields producing them in 2018 amounted to about $10 billion,” Saad told Zawya.

Investments of international oil companies (IOCs) played an vital role to achieving self-sufficiency, thus, boosting production.