Minister of Petroleum and Mineral Resources Tarek El Molla declared that Egypt seeks to achieve between $7.7 billion to $8 billion in oil and gas sector investments during fiscal year (FY) 2022/23, Bloomberg Alsharq reported.

Given so, it is expected that investments from international oil companies will increase 35% to 40% compared to $5.7 billion in the last FY.

El Molla also stated that there is petroleum cooperation with Qatar, especially with QatarEnergy company in a group of concessions in the Mediterranean and the Red Sea.

Additionally, El Molla mentioned that Egypt targets more natural gas exports than the current amounts which are worth $500 million per month.