African court representative praises Egypt's Supreme Constitutional Court for protecting rights    ERA-Egypt aims for EGP 1.5bn in sales in developers' commercial projects for 2019    Cityscape Egypt focuses on energising real estate market, re-instating confidence    Orange Egypt launches new sports service as 2019 AFCON approaches    At least three people killed in Alexandria building collapse    World Bank to participate in AfricaSan5, FSM5    People You May Know: exhibition daringly reflects Egyptian society's relationships    Egypt retrieves ancient Egyptian gilded coffin smuggled in 2011    Masurian Song and Dance Ensemble EŁK: From Poland to Egypt    Uber Egypt to pay value added tax    Abe mum on reports he nominated Trump for Nobel Peace Prize    India says two masterminds of Kashmir bombing killed in clash    Saudi Arabia denies crown prince seeks to buy Manchester United    Olympics 2020 Games can be springboard to transform Tokyo: Governor    Sanchez's Man United form will improve with a goal, says Solskjaer    Liverpool favourites against inconsistent Bayern, says Kimmich    Egypt praises US military assistance in fighting extremism: Madbouly    Shoukry heads to Ireland to attend meeting on Palestinian issue    Iran seeks good, brotherly relations with Muslim countries: Rouhani    Hearing sessions to discuss constitutional amendments will be held within two weeks    Armed forces arrest 2,770 individuals over illegal migration attempts    Yields on Egypt's T-Bills down by 0.34 - 0.83% after CBE interest-rate cut    Mastercard incorporates sound as new dimension to customer experience: Beatrice Cornacchia    The untold story of public debt    Egyptian journalist Hassanein Heikal's personal library donated to Bibliotheca Alexandrina    Fiascos and fumbles: Oscar organizers stumble to restore glory    UAE announces $1.1 bln of military deals with international companies: IDEX    (AP) Women filmmakers have record showing at Berlin Film Festival    Amid controversy: nasal spray for depression wins FDA panel backing    Bundesliga: Bayern have Dortmund in their sights, but Liverpool have Bayern in theirs    Colin Kaepernick reaches settlement on NFL collusion suit    7 extremists killed in gunfight with security forces in North Sinai    FAO warns of desert locust raids in Egypt, Sudan, Saudi Arabia, Yemen    Press Syndicate's electoral commission receives no candidacy appeals    Egypt in the heart of Africa    Egypt's police foil bomb attack in Giza: Ministry    Proposed constitutional amendments to be discussed over next two months: Egypt's house speaker    All hands on deck    AUC president to stay    Newsreel    Ismaili are back    Homegrown solutions for Africa    Reporting on change    An interest rate cut on the horizon?    The fallacy of an Arab NATO    Egypt-Africa: More agreements than trade    Open-air museum at Dendera    Colossus to be restored    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Foreign partners' investment in 2019/20 scores $10bn
Dues owned to foreign companies will be fully paid this year, says petroleum minister
Published in Daily News Egypt on 22 - 01 - 2019

Foreign partners working in the oil sector are targeting investing an amount of $10bn in the coming fiscal year (FY) in oil and gas exploration, fields development, as well as operation.
The Minister of Petroleum and Mineral Resources, Tarek El-Molla, informed Daily News Egypt that the next FY will witness the implementation of a number of major projects in the fields of oil and gas exploration, in addition to the development of fields in different concession areas.
He explained that the ministry of petroleum cooperates with foreign partners in order to implement oil projects, and to continue to increase production rates, as well as to compensate for the natural decline of wells.
The minister also stated that the foreign partners' arrears were reduced to about $1.2bn, after completing the payment of $5.1bn by the end of the last FY of the total indebtedness estimated at $6.3bn in 2012.
He added that the lowest level of these receivables was $1.35bn in June 2010, and will be fully paid by the end of this year.
El Molla explained that the ministry is working on reducing the foreign partner's indebtedness accumulated over the past years, in parallel with paying the value of the partners' purchase share of oil and gas, which is produced locally on a monthly basis.
He also stated that the initiatives of payment and the reduction of receivables had a positive reflection on the increased pumping of foreign oil investments in Egypt, in order to search for oil and gas, and the development of the discovered fields to increase domestic production of crude oil and gas.
Moreover, the minister pointed out that Egypt has attractive investment opportunities in the oil sector, which are being prepared to be utilised in the best way.
El Molla elaborated that there are intensive efforts which are being exerted by the ministry to increase production through following advanced methods and technologies to reduce the natural decline in wells, and in order to increase the productivity of the current wells, adding that the oil sector is actually implementing plans to increase the production of petroleum wealth.
The ministry of petroleum is stepping up its efforts, in cooperation with foreign partners, in order to carry out projects to develop large gas discoveries deep in the Mediterranean Sea, and the Nile Delta to contribute toward increasing gas production to 8bn cubic feet per day by 2021.


Clic here to read the story from its source.