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Egypt eyeing $17 billion in oil and gas investments by 2030

Oil Minister also meets BP and Adnoc officials to discuss their Egypt gas joint venture.
21.02.24 | Source: upstream online

Egypt expects some $17 billion of investments to be ploughed into its oil and gas sector through 2030, according to the country’s top energy official.

This will be welcome news to a nation whose economy is being hit hard by the effects of the Israel-Hamas war on its doorstep in Gaza, which has triggered falling revenues from tourism and a drop in Suez Canal tariffs caused by Houthi attacks on shipping in the Red Sea and Gulf of Aden.

Tariq Al-Mulla, Egypt’s Minister of Petroleum & Mineral Resources, said these funds will be deployed — mainly by overseas investors — to boost oil and gas production rates and increase hydrocarbon reserves “through an integrated plan for drilling and exploration until 2030,” while also raising refining and petrochemical production.