Egypt eyes new agreements to pump $5bn in oil and gas, says Minister

Published on : 2021-11-17

Egypt plans to increase its production of oil and gas by up to $5 billion through new agreements during the next five years, Minister of Petroleum Tarek El Molla said in an interview.

The country is reviewing foreign contracts of oil and gas exploration and production as it seeks new deals, he told Al Arabiya.

“Contract review with companies in the development and exploration of gas is what enabled us to export gas and to transform from a gas-importing country to a self-sufficient country in the past period,” El Molla said.

He said they were working on establishing accords related to crude oil, adding they had “reached agreements with partners such as Eni, Apache, TransGlobe and others.”

“The production of crude oil will be increased to cover market needs, as Egypt is an importer of petroleum products and is trying to reduce the gap as much as possible by renewing and developing these contracts," the minister said.

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