In a press release to Egypt Oil&Gas, the Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, met with the US delegation to Egypt in an event hosted by the American Chamber and the U.S.-Egypt Business Council (USEBC).
During the meeting El Molla stressed on the important role the the oil and gas sector plays in the prosperity of other industries in Egypt. He added that the government is adapting a strategic vision until 2030 that aims to achieve a diversified and competitive economic climate, with creativity and knowhow as the cornerstones of development.
El Molla stated that the oil and gas sector offers a wide array of investments opportunities through contributing in several industry levels. Furthermore, the sector is committed to developing favorable investments conditions through financial incentives and the availability of skilled human resources, in addition to transparent regulations. El Molla added that Egypt has close strategic ties with the US through economic agreement since 2015 when Egypt ranked the first in Africa and second in the Middle East at attracting Foreign Direct Investments (FDI) from the US.
El Molla concluded that over the course of three years, Egypt had signed 70 discover, exploration, and production agreements with International Oil Companies (IOC), amounting to investments worth $15b. This comes in addition to the discovery of Egypt’s giant gas reserves offshore of the Mediterranean Sea. Moreover, the government is planning on attracting and additional $30b in FDI over the next three to four years to further develop the Northern Alexandria, Zohr, Atol gas fields.