Foreign Firms Invested $6.6b in Egypt’s Oil Sector

Foreign Firms Invested $6.6b in Egypt’s Oil Sector

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.

Sarah Samir 2790 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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