Egypt is implementing reform measures that stimulate foreign and Arab investments in the Egyptian oil and gas private sector, country's Minister of Petroleum and Mineral Resources, Tarek El Molla said on the sidelines of the Offshore Technology Conference.

Egypt's Minister of Petroleum and Mineral Resources, Tarek El Molla, said that the oil sector in the country is currently implementing a new strategy, which will offer new bid rounds, conclude agreements with IOCs, and step up foreign oil investments as well as the development of the existing and recently discovered fields.

Apache CEO, John Christmann, told Houston’s Offshore Technology Conference that he is glad the company held on to its assets in Egypt, while it has been selling most of its international holdings.

Egypt intends to offer 28 blocks to foreign oil and gas companies in a bid round planned to take place soon, Tarek El Molla, the country's Minister of Petroleum and Mineral Resources said at the Offshore Technology Conference (OTC) 2016 in Houston.