The involvement of foreign companies in Egypt’s oil sector is set to bring investments of around $4 billion during the fiscal year 2024–2025.
Egypt set a target to increase crude oil production by about 9 percent during FY2024/2025, to reach 637 thousand barrels per day, up from 580 thousand barrels currently.
This expansion in production is in line with the government’s efforts to reduce the reliance on imported petroleum products and alleviate the scarcity of foreign currencies.
These investments will be directed towards oil development and exploration activities, with a focus on the Western Desert and the Gulf of Suez regions.
One notable project is the North Safa field, operated by the UAE company Dragon Oil. It represents the largest oil discovery in the Gulf of Suez region, boasting a reserve of over 95 million barrels.
Dragon Oil has committed a total investment of $200 million to develop and produce oil from this field.
In February, Minister of Petroleum and Mineral Resources, Tarek El Molla, announced Egypt’s target to raise foreign investments in the oil and gas sector by approximately 25 percent in FY2024/2025. The aim is to reach $7.5 billion, surpassing the anticipated $6 billion in FY2023.
