Egypt looks to attract USD 10 bn in new foreign investment in oil and gas sector for next budget year

And speaking of EastMed gas, Egypt is looking to attract as much as USD 10 bn in new foreign investment in the oil and gas sector in FY2018-19, thanks to new discoveries in the East Mediterranean, Oil Minister Tarek El Molla said yesterday, Reuters reports. The minister said he expects foreign investment in the sector to stand somewhere close to that figure at the end of the current fiscal year, “marking a 25% y-o-y increase from the previous year.” A number of oil and gas majors — including Eni, Shell, Edison, and BP — had last week announced intentions to expand their existing activities in Egypt. Oilfield services outfit Schlumberger also said it was investing USD 60 mn in a new data center to make industry information more accessible.