A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson
CAIRO – 22 May 2019: Investments of foreign partners in the petroleum sector are planned to reach more than $10 billion during 2019/2020, in order to explore oil and gas, and to develop the discovered fields, according to a source at the petroleum sector.
The source pointed out that this will be reflected on the growing oil activity and projects implemented.
He said that the volume of investments is a strong indicator of the success of the Ministry of Petroleum's strategy to attract foreign investors and encourage international companies operating in Egypt to pump more investments.
The volume of investments in research, exploration and field development also recorded $10 billion in 2017/2018 and $10 billion in 2018/2019, the source said.
In February, an official source at the Petroleum Authority said that the volume of joint foreign investments that were pumped during 2018 in the petroleum sector recorded $5.7 billion.
The source clarified that $3.2 billion were invested in operations to explore oil and gas, in addition to developing fields, adding that the operating cost reached $1.6 billion.
According to the source, 109 joint firms participated in these investments, besides 58 exploring companies that represent 25 international authorities.
He affirmed that these investments were fruitful in increasing the number of discoveries and reserves that were added during 2018.
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