Egypt to Increase Oil & Gas Investments

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20 Mar 2022

The Minister of Petroleum & Mineral Resources revealed that the government will be expediting its plans to increase domestic oil & gas production. This comes in response to rising oil & gas prices, tight supplies, and the need to mitigate some of the potential negative effects of these developments, while possibly finding ways to benefit from the situation as well. The Minister emphasized the urgency to increase investments in the oil industry, especially for oil exploration, speed up the development of oil fields already discovered while increasing the number of rigs and wells and raise current production levels. In parallel, he said efforts should be made to reduce emissions, enhance production safety, streamline consumption, and trim production costs.

(Source: Ministry of Petroleum & Mineral Resources, State Information Service (English), Egypt Independent (English), al-Ahram, al-Youm al-Saabe, Masrawy, al-Sharq al-Awsat, RT)

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