Egypt’s petroleum sector’s investments hit $30 bln in 3 years

Egypt’s petroleum sector has witnessed investments valued at $30 billion during the last three years, head of chamber of petroleum and mining at the Egyptian Federation of Industries (FEI) said.

These investments have significantly driven strong economic growth, Mohamed Saad told state-run television.

Over the course of 2018, Egypt managed to be gas self-sufficient on the back of new gas discoveries with total local production of 6.6 billion cubic feet per day.

Total investments for gas field exploration and development reached $10 billion last year.

Additionally, Egypt signed 12 agreements worth $1.4 billion in order to drill 41 wells.