This is needed to increase production and reserves of oil and gas resources, Molla said during a meeting Tuesday with Mathios Rigas, CEO of Energean PLC.

Molla said his Ministry always acts to implement policies and measures that encourage international companies to pump investments into the country.

The meeting took up Energean PLC plans to develop and increase production of natural gas in its Mediterranean areas of operation in Egypt.

Rigas said Energean PLC eyes placing its gas discoveries in North IDKU (NI) and North El Amriya (NEA) concessions on the production map through connecting the new wells to Abu Qir production facilities. This should add about 150 million cubic feet of natural gas daily, he told Molla.

He touched upon a plan to start new exploration activities in Energean PLC areas of operation, targeting deep layers this time.

Molla welcomed the ambitious plan meant to develop discovered fields or expand new exploration activities. He believes discoveries from deep layers would constitute a new opportunity and would entail more advanced technologies and investments.

The rise in global prices should trigger increased investments of international companies in the oil and gas industry, the minister noted.