Egypt Eyes $10b in Hydrocarbon FDI

Egypt aims to attract foreign investments in the oil and gas sector to reach about $10 billion in the 2018-19 fiscal year that begins in July, Petroleum Minister Tarek El Molla said. Molla said he expected foreign investments to total the same amount for the current fiscal year, marking a 25% increase from the previous year, Reuters reported. "The 25% gain comes as a result of foreign companies investing in major gas projects in the Mediterranean," he added. Egypt aims to increase its gas production from newly discovered fields, which include the mammoth Zohr asset discovered by Italy’s Eni in 2015. Once a gas exporter, Egypt hopes to halt imports by 2019. Interest in Egypt's oil and gas sector has risen in recent years following a number of large offshore gas discoveries and economic reforms.