Oil Egypt accountACCOUNT King Tut

Foreign Oil Firms' Egypt Investments $8.1b in 2016-2017

Source: Reuters 8/9/2017, Location: Egypt

Share |
Investment by foreign oil firms in Egypt rose to $8.1 billion in 2016-2017 from $6.6 billion a year earlier, Petroleum Minister Tarek El-Molla told Reuters on Wednesday.

"The foreign partners spent $8.1 billion in exploration and development operations in Egypt during 2016-2017, compared to $6.6 billion in 2015-2016," El-Molla said in a phone call.

The oil ministry said in June that Egypt had reduced arrears owed to foreign oil companies to $2.3 billion. Egypt's fiscal year runs from July to June.

Cairo has pledged to eliminate the arrears by June 2019 and not accumulate more, part of its drive to draw new foreign investment to an energy sector that is attracting interest after several major gas discoveries.

Once an energy exporter, Egypt has turned into a net importer in recent years, squeezed by declining production and increasing consumption.

Egypt >>  12/4/2017 - Exxon Mobil is considering a foray into Egypt offshore oil and gas, seeking to replicate rivals’ success in the country and boost its reserves, offici...
Egypt >>  12/1/2017 - Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources delivered Egypt’s speech before the ordinary Ministerial Meeting of the Organization ...

Egypt >>  11/28/2017 - ABB partners with Complete Energy Solutions to drive greener energy provision with launch of 20 MW photovoltaic power plant. ABB’s PVS800 central inve...
Egypt >>  11/25/2017 - Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources headed Egypt’s delegation in the Ministerial Meeting of the Gas Exporting Countries’ ...

Egypt >>  11/19/2017 - Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources received Mr. Darcy Spady, President of the Society of the Petroleum Engineers (SPE), ...
Egypt >>  11/16/2017 - ADES International Holding Ltd. (ADES), the London-listed company providing offshore and onshore oil and gas drilling and production services in the M...

Related Categories: Accounting, Statistics  Asset Portfolio Management  Economics/Financial Analysis  General  Investment Services  Risk Management 

Related Articles: Asset Portfolio Management  Economics/Financial Analysis  General  Investment Services 

More News

Oil & Gas Companies in Egypt >>

Related Links

Oil Egypt E-Marketplace - Subscription Packages - Benefits

Copyright © Universal Solutions S.A.E. All rights reserved. Privacy Policy. - Career Opportunities - Feedback - Contact Us