{"id":542945,"date":"2022-01-25T03:57:44","date_gmt":"2022-01-25T03:57:44","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/25\/govt-targets-usd-7-bn-oil-fdi-in-2022-2023\/"},"modified":"2022-01-25T03:57:44","modified_gmt":"2022-01-25T03:57:44","slug":"govt-targets-usd-7-bn-oil-fdi-in-2022-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/25\/govt-targets-usd-7-bn-oil-fdi-in-2022-2023\/","title":{"rendered":"Gov\u2019t targets USD 7 bn oil FDI in 2022-2023"},"content":{"rendered":"<p><strong>The Oil Ministry wants to attract USD 7 bn of foreign direct investment<\/strong> (FDI) into the oil and gas sector in FY 2022-2023, <a href=\"https:\/\/www.google.com\/url?q=https:\/\/www.reuters.com\/article\/idUSL1N2U41UC&sa=D&source=docs&ust=1643067672456693&usg=AOvVaw0NYKgvCOx9ijEjGsSoRQX7\">Reuters<\/a> reported Oil Minister Tarek El Molla as telling Sky News Arabia TV yesterday.<\/p>\n<p><strong>Oil + gas accounts for almost half of Egypt\u2019s FDI:<\/strong> At least, it did in FY2019-2020, which is the most recent data the government has made available. Figures published in the central bank\u2019s<a href=\"https:\/\/ent.news\/2022\/1\/Annual-Report-2019-2020.pdf\">annual report (pdf)<\/a> showed that USD 7.3 bn of the USD 15.8 bn of inflows went to hydrocarbons. Finance was the second-largest recipient, attracting USD 2.2 bn.<\/p>\n<p><strong>The sector has seen several high-profile investments in recent weeks:<\/strong><\/p>\n<ul>\n<li><strong>Apache<\/strong> and <strong>Sinopec<\/strong> signed a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/510ef9d0-a0b6-4280-91f0-19eb6d557bca\">USD 3.5 bn production agreement<\/a> in late 2021.<\/li>\n<li>Canadian firm <strong>Transglobe<\/strong> and London-based <strong>Pharos Energy<\/strong> this year signed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7395b7af-9ef2-41d2-a01b-dd5fda097b17\">E&P agreements worth USD 506 mn<\/a>. <\/li>\n<li><strong>Seven international energy companies<\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c5f11f01-49af-4e27-a91e-3410f499133d\">were awarded<\/a><\/strong><strong> exploration blocks<\/strong> in the government\u2019s bid round held last year and will invest a combined minimum of USD 250 mn in the initial exploration phase.<\/li>\n<li><strong>Qatar Energy <\/strong>agreed in December to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/21557235-81fb-4649-afcd-e813ed5dd7d8\">acquire Shell\u2019s 17% stake<\/a> in two Red Sea exploration blocks.<\/li>\n<\/ul>\n<p><strong>Splurge on state-owned oil companies:<\/strong> The FDI target coincides with government plans to spend <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/62618f3e-4d85-473e-8617-a45161708d21\">EGP 30 bn<\/a> on developing public sector oil companies, which is reportedly the largest amount of money ever allocated to the state oil sector.<\/p>\n<p><strong>FDI has been heading in the wrong direction in recent years:<\/strong> Inflows fell 12% to USD 13.9 bn in FY2020-2021 from USD 15.8 bn the year before, and were down 15% from FY2018-2019. This has squeezed net FDI, which last year fell to USD 5.2 bn \u2014 its lowest level since the FY 2013-2014.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Oil Ministry wants to attract USD 7 bn of foreign direct investment (FDI) into the oil and gas sector in FY 2022-2023, Reuters reported Oil Minister Tarek El Molla as telling Sky News Arabia TV yesterday. Oil + gas accounts for almost half of Egypt\u2019s FDI: At least, it did in FY2019-2020, which is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":542946,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7272],"tags":[93,72,103,125,91,371,195],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-542945","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-energy","tag-enterpriseam","tag-fdi","tag-investment-watch","tag-oil-and-gas","tag-oil-ministry","tag-tarek-el-molla","wpautop","entry"],"acf":{"mongo_id":"b89e80d1-eecc-49b3-9791-fc96c18c3866","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/1\/325.jpg","photo_position":"above","related_issue":[542931],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Gov\u2019t targets USD 7 bn oil FDI in 2022-2023 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/25\/govt-targets-usd-7-bn-oil-fdi-in-2022-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t targets USD 7 bn oil FDI in 2022-2023\" \/>\n<meta property=\"og:description\" content=\"The Oil Ministry wants to attract USD 7 bn of foreign direct investment (FDI) into the oil and gas sector in FY 2022-2023, Reuters reported Oil Minister Tarek El Molla as telling Sky News Arabia TV yesterday. Oil + gas accounts for almost half of Egypt\u2019s FDI: At least, it did in FY2019-2020, which is [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/25\/govt-targets-usd-7-bn-oil-fdi-in-2022-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-25T03:57:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/1\/325.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/25\/govt-targets-usd-7-bn-oil-fdi-in-2022-2023\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/25\/govt-targets-usd-7-bn-oil-fdi-in-2022-2023\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Gov\u2019t targets USD 7 bn oil FDI in 2022-2023\",\"datePublished\":\"2022-01-25T03:57:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/25\/govt-targets-usd-7-bn-oil-fdi-in-2022-2023\/\"},\"wordCount\":274,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/25\/govt-targets-usd-7-bn-oil-fdi-in-2022-2023\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/1\/325.jpg?fit=%2C&ssl=1\",\"keywords\":[\"energy\",\"EnterpriseAM\",\"FDI\",\"investment watch\",\"oil and gas\",\"Oil Ministry\",\"Tarek El Molla\"],\"articleSection\":[\"Investment Watch\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/25\/govt-targets-usd-7-bn-oil-fdi-in-2022-2023\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/25\/govt-targets-usd-7-bn-oil-fdi-in-2022-2023\/\",\"name\":\"Gov\u2019t targets USD 7 bn oil FDI in 2022-2023 - 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This would raise the proportion of foreign investment in the sector to 40% from 35%, the minister said. Foreign companies invested\u2026","rel":"","context":"In &quot;Investment Watch&quot;","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/252.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542974,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/26\/new-oil-gas-exploration-bid-round-coming-soon\/","url_meta":{"origin":542945,"position":1},"title":"New oil + gas exploration bid round coming soon","author":"enterpriseam admin","date":"26 January 2022","format":false,"excerpt":"New oil and gas exploration rights will be up for grabs in 1H2022. The government plans to launch a new global tender for oil and gas exploration before June, Bloomberg Asharq reported Oil Minister Tarek El Molla as saying during a press conference yesterday. No further details were disclosed on\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/343.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":632578,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/14\/fdi-in-oil-and-gas-sector-has-hit-usd-10-bn-so-far-this-fiscal-year-el-molla-sounding-the-right-note-on-payments-to-iocs-but-what-about-mid-sized-players\/","url_meta":{"origin":542945,"position":2},"title":"FDI in oil and gas sector has hit USD 10 bn so far this fiscal year; El Molla sounding the right note on payments to IOCs, but what about mid-sized players?","author":"enterpriseam admin","date":"14 February 2018","format":false,"excerpt":"FDI in oil and gas sector up to USD 10 bn this year: Investment by international oil companies reached USD 10 bn so far in FY2017-18, Oil Minister Tarek El Molla said in an interview with Al Borsa. This will likely increase, as the ministry plans to issue exploration tenders,\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":589549,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/05\/oil-majors-to-invest-usd-1-8-bn-here-by-2025-in-search-for-gas\/","url_meta":{"origin":542945,"position":3},"title":"Oil majors to invest USD 1.8 bn here by 2025 in search for gas","author":"enterpriseam admin","date":"5 July 2023","format":false,"excerpt":"Chevron, Eni, ExxonMobil, Shell, and BP will drill a total of 35 wells by 2025","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/101.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548240,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/govt-has-ambitious-fdi-export-targets-this-year\/","url_meta":{"origin":542945,"position":4},"title":"Gov\u2019t has ambitious FDI + export targets this year","author":"enterpriseam admin","date":"1 August 2022","format":false,"excerpt":"Egypt wants to attract USD 10 bn of foreign direct investment during the current fiscal year, Planning Minister Hala El Said said last week, according to a statement.This would be a significant step up: FDI has averaged USD 7.3 bn a year over the past five years, according to our\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/98.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543491,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/record-quarter-for-exports-and-imports\/","url_meta":{"origin":542945,"position":5},"title":"Record quarter for exports (and imports)","author":"enterpriseam admin","date":"3 February 2022","format":false,"excerpt":"Egypt\u2019s balance of payments recorded an overall surplus of USD 311.4 mn in 1Q2021-22 (which ended in September 2021), compared to a deficit of USD 69.2 mn during 1Q2020-21 (ending September 2020), thanks to strong tourism, Suez Canal, and remittances receipts. \u201cThis improvement proved the ability of the Egyptian economy\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/38.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542945","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=542945"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542945\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/542931"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/542946"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=542945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=542945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=542945"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=542945"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=542945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}