Eng. Sameh Fahmy, the minister of petroleum announced that the government will increase investments in oil exploration in the next ten years to reach up to $ 25 billion, in addition to attracting more foreign investments to the local market.
The ministry’s strategy is to supply more support to the oil and gas sector as the reserves rose up to 18.2 billion barrels of oil equivalent, and to increase production to 2 million barrel per day.
Fahmy said sector managed to achieve a solid industrial base through founding companies specialized in the manufacture of equipments, drilling rigs and pipelines, and through the constant work on developing the local industry.
He pointed to the challenges facing the oil sector in Egypt as they mostly in the rapid growth in the local demand, the fluctuations in oil and gas prices in the global markets, as well as the increase in the regional competition in drawing oil investments.
Fahmy stressed on the importance of investing in the crude oil refineries, in able to improve its output, pointing to the alternative energy sources which are represented in the oil-mud and the renewable energy.
Egypt has reserves of oil-mud estimated by 5.7 billion barrel, mostly in Eastern and Western Deserts.