Tarek El Molla, Minister of Petroleum and Mineral Resources, said that Egypt is witnessing a state of balance with regard to dwindling global oil prices. Although this decline in oil prices may slow down the flow of foreign investments, a number of agreements for the development of gas fields were signed, a ministry press release stated.
El Molla added that the most important gas fields to be developed are Zohr, North Alexandria, and Atoll. Investments in these fields have exceeded $25b and will be spent over the course of the next four years.
These statements were made on behalf of the Minister by Deputy Minister, Mohamed Taher, at a regional conference entitled ‘Repercussions of the Oil Crisis on Arab Economies’ Management.’
Taher also said that the world is currently facing several challenges that will have an impact on economic growth, adding that oil prices have been rapidly declining since mid-2014 and have lost 60% of their value after August 2015.