In the coming fiscal year, Egypt’s energy sector aims to attract $8 billion in foreign investments to boost its natural gas production. Tarek El Molla, Egypt’s petroleum and mineral resources minister, said at the OPEC Seminar on Thursday that the investments will go towards the developmental and operational activities in the oil and gas sector. 

El Molla shared earlier this week that Egypt established an offshore exploration program worth $1.8 billion. They plan to drill 35 gas wells in the Mediterranean Sea and Nile Delta until July 2025. The plan involves international companies such as Eni, Chevron, and BP. 

Last year, the country’s natural gas exports totaled $8.4 billion, a rise of 171% from the previous year, due to the energy crisis in Europe and the growing demand for fuel. 

In December, Egypt discovered a large gas field from the northeastern Mediterranean coastline with prospective reserves of 3.5 trillion cubic feet. “Being involved in the discovery, especially in offshore areas such as the Mediterranean Sea and the Red Sea, presents significant opportunities,” said El Molla, adding, “With access to the necessary resources, we are well-equipped to carry out excavations and capitalize on these valuable findings.” 

GCC countries have also pitched in their fair share of investment. Qatar Energy signed an agreement with ExxonMobil to acquire a 40% stake in the North Marakia Offshore Block. Similarly, UAE’s ADNOC Distribution settled an acquisition of a 50% stake in TotalEnergies Egypt. “It’s great to see the increasing presence of Gulf companies in the Egyptian market,” said El Molla. “The fact that many Arab and Gulf companies are now working in Egypt reflects a positive investment climate,” he added.

Egypt will increase its share of renewable energy within its electricity production to 42% by 2030.