The Egyptian oil and gas sector is set to receive $10 billion investments in the fields of exploration and production (E&P) and development during fiscal year (FY) 2018/19, said Minister of Petroleum Tarek El Molla, Egypt Oil & Gas reports.

El Molla pointed out the ministry’s keenness to attract investments into the E&P field. Continued investments by international oil companies (IOCs) demonstrates their confidence in the Egyptian economy, he said.

The minister added that foreign direct investment is a cornerstone of developing Egypt’s oil and gas resources, and enhancing production rates.

The ministry is continuing to enhance the investment climate and modernize the oil and gas sector. It is currently prioritizing untraditional measures and is working with recent mechanisms in order to encourage IOCs to invest in the Mediterranean deep water fields as well as new concessions, El Molla stated.