Minister of Planning and Economic Development Hala El-Said stated that public investments directed to the petroleum sector reached EGP 437 billion during the previous eight years from 2014/15 to 2021/22, compared to EGP 152 billion pounds during the preceding eight years from (2006/07 to 2013/14), with a growth rate of 188%.

This came as Egypt’s Ministry of Planning and Economic Development (MPED) released its latest report reviewing the country’s efforts to achieve energy security in the petroleum sector over 9 years.

When it comes to the most important programs and initiatives that have been implemented in the oil and gas sector, the MPED report indicated that they include enhancing the investment climate in the search for oil and gas, as the number of international oil companies operating in Egypt this field has increased to about 50.

The petroleum sector has also succeeded in attracting investments from international oil companies, and has implemented 32 projects in the development of oil fields, with investments estimated at about EGP 561 billion, in addition to concluding about 130 petroleum agreements, since October 2013 until now with international and local oil companies.

The report showed the preparation of a strategy to transform Egypt into a regional oil and gas trading hub. A number of steps were taken to achieve this goal, including signing a memorandum of understanding (MoU) with the European Union (EU) in April 2018 for cooperation and strategic partnership in the energy field, and signing an MoU in July 2019 with the United States for strategic partnership and bilateral cooperation in the field of energy.