Egypt will attract around $10 billion in foreign investments in the oil and gas sector during fiscal year (FY) 2018/19, Egyptian Minister of Petroleum Tarek El Molla has said, according to Reuters.

The minister also said that foreign investments in the sector will reach $10 billion in FY2017/2018, a 25% increase from levels seen in FY2016/17, CNBC Arabia reported.

The 25% rise was driven by international oil companies (IOCs) increasing their investments in Mediterranean natural gas projects.

Egypt plans to boost its natural gas output from its newly discovered fields such as the Zohr field.

The Egyptian Natural Gas Holding Company (EGAS) plans to launch outbidding for the exploration of nine offshore and onshore natural gas concessions during Q2 2018, an official source previously stated, according to Zawya News.

EGAS obtained all the required security approvals for the bidding. The tendered concessions will include six offshore and three onshore ones.