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· Egyptian Minister of Oil and Mineral Wealth Tarek El Mullah said the oil sector contributed 24 percent to the Gross Domestic Product (GDP) during the fiscal year 2019-20
· The total investments of the sector during the period from 2014/15 till 2019/ 20 was US$74 billion
· The minister revealed that the oil and gas sector has recently clinched 98 agreements with international companies to explore for gas and oil with investments reaching up to US$16 billion
Egyptian Minister of Oil and Mineral Wealth Tarek El Mullah said the oil sector contributed 24 percent to the Gross Domestic Product (GDP) during the fiscal year 2019-20. The total investments of the sector during the period from 2014/15 till 2019/ 20 was US$74 billion.
The minister’s remarks came at the meeting with representatives of major foreign companies operating in Egypt including Apatche, Schlumberger, the African Development Bank, the International Finance Corporation (IFC), the World Bank, the German Embassy and others within the ambit of the initiative titled as “Egypt Regional Hub for Energy: Reforms and Horizons of the Oil and Gas Sector”.
The minister revealed that the oil and gas sector has recently clinched 98 agreements with international companies to explore for gas and oil with investments reaching up to US$16 billion, adding that a number of new companies are participating ,of late , in the petrochemical sector of the Northern African country.
The minister noted that the gas sector has achieved a growth rate of 25 percent during 2020 as a result of self sufficiency from gas production and a surplus for said that eleven new Egyptian and international companies will invest in 82 locations for exploration of gold after the first international bidding was announced in 2020.
