Oil ministry plans hiking foreign investments in Egypt to $8.5bn in FY2015-16

Egypt’s petroleum ministry eyes raising foreign investments in Egypt in drilling and exploration projects by US$1 billion to hit around $8.5 billion by the end of fiscal year 2015-16.

Source at the ministry told Amwal Al Ghad Sunday that oil agreements that were signed with foreign partners during the last months have participated in boosting oil investments in Egypt.

The discovery of Zhor giant gas field encouraged foreign investors to inject new investments and capitals during 2016 into Egyptian market to make significant discoveries, the source added.

Egyptian petroleum ministry has signed 64 petroleum agreements with a massive number of large international firms since 2013 until now with investments estimated at $14.5 billion.

The source pointed out that the total volume of foreign companies’ investments and capitals in Egypt reached around $7.5 billion in 2015.

Moreover, Egyptian General Petroleum Corporation (EGPC) and Ganoub El-Wadi Petroleum Holding Company (Ganope) have an approach to issue a number of tenders during the coming few months. Accordingly, the total investments in Egypt’s petroleum sector would be increased.