Egypt has laid out plans to make a major investment in its oil sector during the 2024/2025 current fiscal year.
According to the country’s Minister of Petroleum and Mineral Resources Karim Badawi, Egypt would be investing $1.2 billion to drill 110 exploratory wells. This is part of a broader plan to invest $7.2 billion in the drilling of 586 exploratory wells by 2030.
As reported by the Russian news outlet Sputnik, the ambitious plan was disclosed at a parliamentary committee examining the new government’s agenda. The idea is intended to strengthen the country’s energy autonomy and ensure critical fuel sources for power generation.
“We are also launching international bids through the Egypt Exploration and Production Gateway, which focuses on making data on new areas of exploration available digitally to partners throughout the year,” the minister explained.
“Our top priority is to continue coordination and cooperation with the Ministry of Electricity and Renewable Energy to provide the necessary fuel supplies to operate power stations,” he added.
On the subject of climate investment, the minister relayed that the government remains highly committed to the cause.
“Because climate action and energy transition have become essential to Egypt’s sustainable development strategy, the ministry strives to take due consideration of the environmental aspects of its activities,” the minister disclosed.
Collaborating with foreign counterparts to arrange and pay off late payments, urging them to spend more, and increasing oil and gas output, are some of the strategies the government is taking to ensure that a favorable investment climate is being bolstered.
Source link : https://africa.businessinsider.com/local/markets/egypt-to-invest-dollar12-billion-in-oil-sector/74rq4xl
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Publish date : 2024-07-17 08:35:35
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