Cairo –  Egypt has signed nearly 63 oil and gas agreements with $14 billion in investments during the period from 2014 to 2018, the Egyptian petroleum minister said on Monday.

Two major projects have been implemented in the Red Sea and the South of Egypt to gather seismic data over the past five years, Tarek El-Molla highlighted.

Moreover, foreign oil firms’ arrears have been trimmed to $1.2 billion at the end of June, the minister added.

Almost 24 projects for the development of natural gas fields have been implemented within the five-year period, including the projects of supergiant Zohr gas field, Atoll, Nooros, and the North of Alexandria, El-Molla indicated.

These four major projects have boosted gas output by 60% as Egypt became gas self-sufficient at the end of September, he stressed.

He also said that three projects for raising petrochemical production have been established with a total $4 billion in investments, pointing out that other four projects are being implemented in the next four years.

Source: Mubasher

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