Egyptian Petroleum Minister Tarek El Molla said today, Sunday, that foreign companies’ investments in the sector decreased by 26.02 percent to $5.4 billion in the 2020-2021 fiscal year, compared to $7.3 billion in the previous year.
In a speech to the Egyptian Petroleum Association, the minister added, "The Corona crisis has led to a slowdown in the investments of international oil companies worldwide."
The Egyptian minister also said that the dues of foreign oil companies fell to 845 million dollars at the end of the last fiscal year 2020-2021, compared to 850 million dollars in the previous fiscal year.
Tarek El Molla explained that the era of "easy exploration" is over, and that the future of the oil industry is based on investment in technology, pointing out that companies' production rose to historical levels, after investing in technology after increasing their budget from 500,000 pounds to 4 billion pounds (dollar). equivalent to 15.7 pounds).
Al-Mulla stressed that the efforts of the oil sector during the past seven years contributed to eliminating the electricity crisis, ending the problems of international arbitration that emerged after 2011, as well as paying the dues of foreign companies.
Al Mulla added that the sector has undertaken a comprehensive development of the infrastructure and the rehabilitation of oil ports, warehouses and transport lines, and a strategy has been launched to modernize and develop the oil sector within the framework of the state's vision 2030.
He pointed out that the oil sector sought to increase research and exploration areas, put Egypt on the global map of the oil and gas industry, attract new investments, and use technology to improve exploration and production operations.