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وكالة صدى نيوز
Egypt projects 92% rise in gas sector FDI
Egypt is expecting foreign oil and gas companies to increase their investments in exploration and development wells to $2.3 billion during the fiscal year 2026-2027, representing a rise of up to 91.6% compared to the previous year, which recorded $1.2 billion. The investments aim to drill 51 wells, boost domestic natural gas production by 34%, and provide approximately an additional 1.34 billion cubic feet of gas per day. The government is relying on the settlement of overdue payments, which amounted to $6.1 billion in July 2024 and were fully settled in June, to enhance confidence and increase spending on drilling and development projects. These plans are part of Egypt's efforts to reduce dependence on gas imports, secure long-term supplies from the region, and support increased local production to meet the high domestic demand.
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