Marwa Abo AlMajd
Egypt’s petroleum sector is set to attract $10 billion of investment in its coming financial year, adding to the $30 billion that has been invested over the past three years, according to an industry head.
Mohamed Saad, head of the oil chamber at the Federation of Egyptian Industries, told Zawya last week investments in current and past financial years have “helped Egypt to achieve self-sufficiency” in natural gas production . Egypt’s new financial year begins on July 1.
Saad said that the natural gas sector had represented “an overload” on the state in the past as a result of weak production, but said the situation had now transformed, with the country transitioning from self-sufficiency towards becoming a natural gas exporter.
“During 2018 Egypt was able to achieve self-sufficiency of gas, where the volume of domestic production (rose) to 6.6 billion cubic feet per day, while the total volume of investments for oil and gas exploration and the development of fields producing them in 2018 amounted to about $10 billion,” he said.
“Shell , Eni And Mobil are playing an important role in pumping these investments in Egyptian petroleum sector,” he said.
