Egypt’s oil extractions receive EGP 99.6b investments in 23/24

Egypt’s Ministry of Planning and Economic Development unveiled its targets and investments for the petroleum and mineral resources sector for the fiscal year 2023-2024, including investments of EGP 99.6 billion for extraction development in 2023-2024, the Egyptian Cabinet stated on Monday.

Dr. Hala El Said, Egypt’s Minister of Planning and Economic Development, explained that the plan includes EGP 22.4 billion for crude oil, EGP 65.4 billion for gas, and EGP 11.8 billion for other extractions. The private sector is expected to account for about 84 per cent of the total investments.

The plan is also aimed at increasing production value from an expected 939 billion pounds in 2022/2023 to EGP 1090 billion in 2023/2024, a growth rate of 16 per cent. By 2025/2026, production value is projected to reach about EGP1.288 trillion pounds, with an average annual growth rate of 18.5 per cent.

The domestic product for the extraction sector is targeted to reach about EGP 960 billion in 2023/2024, up from the expected EG P826 billion in 2022/2023, a growth rate of 16.2 per cent. By the end of the plan, it is expected to reach about EGP 1.14 trillion, with an average annual growth rate of nearly 20 per cent.