Egypt's state-owned oil companies are poised to invest over EGP 23 billion in the upcoming fiscal year (FY) 2024/2025, commencing in July, Minister of Petroleum and Mineral Resources Tarek El-Molla said on Tuesday.

El-Molla’s remarks came during the general assemblies' meeting, which aimed to approve the planning budget for the public sector oil companies in FY2024/2025.

Highlighting the pivotal role played by the public sector oil companies, El-Molla noted their significant progress in recent years, driven by the guidance and directives of the political leadership.

The meeting witnessed the presence of several figures, who were provided with presentations on the budget, targets, and projects of various public sector oil companies for the upcoming FY2024/2025.

In September 2023, Egypt raised its projected total investments in oil and natural gas to $9 billion (EGP 277 billion) during the current FY2023/2024, ending in June.

Furthermore, foreign companies operating within the Egyptian oil sector contributed around $5.7 billion in investments during FY2021/2022.

Egypt is actively pursuing measures to bolster its petroleum resources, explore untapped potentials, and enhance energy production.

In September 2023, state-owned companies initiated an international tender for exploration contracts encompassing 23 new areas, including ten in the Western Desert, two in the Eastern Desert, seven in the Suez Gulf area, and four in the Red Sea.

Over the past six years, Egypt's petroleum sector, in collaboration with international companies, has drilled 576 new exploratory natural gas wells and made 289 discoveries in gas and petroleum reserves.

In 2024, Egypt is set to initiate new international bids for the exploration of oil, natural gas, and gold.

Moreover, the country’s petroleum imports, including crude oil and oil products, dropped 11.4 percent to $1.06 billion in September 2023 from $1.2 billion in August, while exports also went down to $427 million from $456 million.