Investments in oil field, gas exploration reached EGP 18B

Investments in oil field, and gas exploration reached EGP 18B Mon, Feb. 27, 2023
CAIRO - 27 February 2023: Investments in the field of oil and discoveries of gas fields within the development of the Sinai Peninsula amounted to approximately LE 18 billion, according to Prime Minister, Mostafa Madbouli.

This came in Madbouli’s speech during President Abdel Fattah El-Sisi's visit, Sunday, to line up the equipment participating in the implementation of the state's plan for the development and reconstruction of Sinai.

Madbouli said that the state is implementing these investments to increase energy in the gas fields in North Sinai.

Earlier in February, Egypt’s Minister of Petroleum and Mineral Resources, Tarek El-Molla, signed five agreements with national and international companies to search for oil and gas and produce them in four regions in the Western Desert and North Sinai offshore in the Mediterranean, with minimum investments of $40 million and the drilling of 11 new wells.

He reviewed the next axis, which is the developmental complexes, pointing out that any real development must be linked to the establishment of settlements for the residents of Sinai to suit the population increase.

He added that the map of the complexes that the Egyptian state is working on includes 17 integrated development complexes for the people of Sinai that serve the cultural nature of the people at a cost of LE 6 billion, where the complex is integrated in housing, work, agriculture and reclamation, and all services are available. However, in order to increase the urbanization rate in Sinai, the Egyptian state was interested in expanding housing projects and establishing new cities.