Egypt expects $8bn investments in oil sector during 2023

Egyptian Ministry of Petroleum is targeting investments of $8 billion in oil and gas sector and expecting Liquefied Natural Gas (LNG)’s exports to reach $8.4 billion, same as the past year, these announcements came during EGYPS 2023.

Tarek al-Molla, Minister of Petroleum has announced the launch of three new tenders to search for oil and gas in 2023, due to the decrease in global prices of oil, according to CNBC Arabia.

Three bids will be launched during the current year, the first of the three bids will be launched by late February in maturing fields, as the bids will be launched online, al-Molla mentioned in a previous statement during a press conference in EGYPS.

The economic model of this bidding has been reconstructed in order to encourage international companies to enter bids in the bidding, the Minister pointed out.

al-Molla noted that also launching the bids with acceptable terms and encouraging the companies to expedite their business.

The Minister also anticipated that Nargis gas field, which has been recently discovered in the Mediterranean Sea, to start production within 1-1/2 years.