International oil companies (IOCs) aim to increase exploration and production (E&P) investments to reach $11 billion by the end of fiscal year (FY) 2018/19, compared to $10 billion in FY 2017/18, a source in the oil and gas sector told Al Borsa.

The current fiscal year is witnessing three mega projects including the second phase of the Zohr field, the North Alexandria project, and the 9B phase at the Burullus fields, the source said.

IOCs have increased their investments planned for 2018/19 in order to push forward gas projects agreed with the Ministry of Petroleum.

One of the driving factors behind the increasing involvement of foreign companies has been the government’s commitment to repaying arrears. The minister is expected to finish paying off its arrears by the end of 2019.