An official source at the Egyptian Ministry of Petroleum and Mineral Resources said that Egypt’s investments in oil, gas, and mining sectors rose 3.9 % to $15 b during the first quarter of financial year 2016/2017, Amwal Al Ghad  reported.

Minister of Petroleum and Mineral Resources, Tarek El-Molla said: “We are seeking to achieve investments worth $8 b in oil sector within financial year 2016/2017.”

In addition, in the gas sector there are 12 projects currently being implemented with a total investment of $33b. The projects will be ongoing until 2019 and they are meant to add between 5.5bcf/d to 6.2bcf/d of gas as well as 28,500b/d of condensates.

In pursuit of new investments, most recently, Minister  El Molla met with Norway’s Deputy Minister of Petroleum and Energy and the Norwegian delegation to Egypt to discuss potential investment opportunities and bilateral economic relations.