Egypt oil balance surplus continues for 3rd year exceeding $3B
Egypt achieved a surplus in the oil balance for the third year in a row, exceeding $3 billion, Petroleum Minister Tarek el-Molla announced.
Molla added during EGYPS 2023 that Egypt's oil exports rose to reach $18.2 billion during 2022.
He said that the COP 27 climate conference laid down a roadmap to support the energy transition.
According to the Oil Minister, four international bids have been launched on Egypt's digital portal for exploration and production that was launched early 2021, el-Molla stated.
El-Molla added that it is planned to launch three international bids during the current year.
“An ambitious plan has been drawn up with global partners until 2025 to drill more than 300 exploratory wells, and Egypt seeks to put them on production quickly,” El-Molla said.