The Clap
Egypt wants to boost foreign direct investments (FDI) in the oil and gas industry in FY 24-25, Petroleum Minister Tarek El Molla told Asharq Business.
What
The target is to increase FDI by 25% from the current FY expectation of USD 6 billion to USD 7.5 billion, El Molla said.
Aside from this target, the minister announced that Egypt’s natural gas production stands at 5.5 billion cubic feet, a 5% dip from 2023’s production levels.
A decline?
The production decline is attributed to the aging of wells and the current geopolitical tensions affecting new exploration activities, El Molla explained.
Now What
He announced that Egypt’s natural gas exports in the summer will be on hold to meet local demand.
Some context
FDI inflows in Egypt’s oil and gas sector reached USD 5.6 billion in FY 22-23.
