Egypt to Invest About $47bn in Energy Sector

Egypt will invest close to $47 billion in the domestic energy sector in next five years, according to country’s Petroleum and Mineral Resources Minister Sherif Ismail.

Ismail made the remark while inaugurating phase (9-A) of deep water fields of West Delta in the Mediterranean Sea, Kuwait News Agency (KUNA) reported Monday citing a press statement by the cabinet.

The $6.1 billion project will produce 400 million cubic feet of natural gas and 2,500 barrels of condensates per day, the Minister said.

He stated that the Ministry of Petroleum has signed 56 oil and gas exploration agreements between November 2013 and March 2015 worth $12.1 billion, KUNA reported.