The Egyptian Minister of Petroleum and Mineral Resources, Tarek Al Molla, stated that the foreign investments in the oil and gas sector during fiscal year 2015/2016 were strong despite low global oil prices. He added that total foreign investments in the sector for the year reached $6.6b, a 12% decline when compared to 2014/2015 foreign investments that amounted to $7.5b, reported Reuters.

Norway’s Rystad Energy Consulting firm expected global oil and gas investments to retract to $522b in 2016, after decreasing by 22% to reach $595b during 2015.

In older news, the Egyptian minister noted the international oil year-to-date investments in the country’s oil and gas industry amounted to an estimated $8.5b during the fiscal year 2016/2017, adding that Egypt seeks to pave the way for the petroleum sector to find new sources of oil and gas outside Egypt in order to increase the country’s hydrocarbon reserves.