Petroleum Investments Record EGP 540 B in Five Years

Petroleum Investments Record EGP 540 B in Five Years

Egypt saw a total of EGP 819 billion of investments from 2014 to 2020, of which 66% have been invested prior to December 2018 in 79 projects that cost EGP 540 billion, Al Mal News quoted the Egyptian Cabinet’s book ‘Egypt: Achievement Route’.

The book, published by the Egyptian Cabinet, tackles the implemented projects during President Abdel Fattah El Sisi’s era starting from June 2014.

Egypt has had 30 oil and gas development projects operating in the aforementioned period, which added 6.3 billion cubic feet per day (bcf/d) of natural gas and 53,600 barrels per day (b/d) of condensates.

Moreover, Egypt has signed 63 agreements with a total of investments that are worth $14.7 billion and a total of a signing bonus worth $1.3 billion.

The Egyptian oil and gas sector has successfully linked 3.28 million households to the natural gas grid by the end of 2018.

Egypt targets to operate 12 new oil and gas development projects during the period from January 2019 until June 2020, with an investment cost worth EGP 14 billion. The country plans to connect 1.5 million households to the national grid during this period.

In addition, the country aims to boost natural gas output to 61.9 million tons during fiscal year (FY) 2019/20 and to increase natural gas exports to around 12 million tons, compared to 0.85 million tons in FY 2017/18.

Sarah Samir 3289 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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