The Egyptian Ministry of Petroleum raised its expectations for investments in the oil and gas sector from $8 billion to $9 billion until the end of the current fiscal year, an increase of $1 billion from previous expectations last July, according to Egyptian Minister of Petroleum Tarek El-Molla.

The Egyptian Minister explained, on the sidelines of the opening of the first car service and fuel supply stations for the Emirati company ADNOC in Egypt, that the targeted investments in the petroleum sector until the end of the current fiscal year are estimated at between 8.5 and 9 billion dollars, instead of previous expectations ranging between $7.7 and $8 billion.

El-Molla had revealed in an interview with “Bloomber Al-Sharq” on the sidelines of his participation in the annual OPEC conference in Vienna, early last July, that he had drawn up an annual plan that included investments worth $8 billion in the oil and gas sector during the current fiscal year in the fields of research, exploration, development and operation.

Investments by foreign companies operating in the Egyptian oil sector last fiscal year amounted to about $5.7 billion.

In his speech during the opening of the gas station, the Egyptian Minister of Petroleum pointed out that the entry of an important partner the size of ADNOC and Total enhances quality levels in the field of fuel distribution and car supply and increases competitiveness in the market.

About 14 companies are competing in Egypt in the fuel distribution and car supply sector, and the Emirati company will work to pump new investments into Egypt to operate stations bearing its brand successively during the coming period and launch various activities and operations in the field of marketing and fuel distribution, according to the statement issued by the Egyptian Ministry of Petroleum.

The U.S. company "Chevron" will begin developing the "Narges" natural gas field in the Mediterranean waters in Egypt during the first half of next year with initial investments estimated at about $3 billion, according to Bloomberg.

"Egypt has developed an ambitious plan for drilling work to explore gas, most of which will be offshore, in the eastern Mediterranean in Egyptian territorial waters, along the Nile Delta in the Mediterranean, and in the economic zones in the western Mediterranean, with a number of wells amounting to 35 large exploratory wells, with investments amounting to $1.8 billion within two years, as a minimum contractual obligations with companies."