Investments in oil field, gas exploration amounted to LE 18B
Investments in the field of oil and discoveries of gas fields within the development of the Sinai Peninsula amounted to approximately LE 18 billion, according to the Prime Minister, Mostafa Madbouli.
This came in Madbouli’s speech during President Abdel Fattah El-Sisi's visit, Sunday, to line up the equipment participating in the implementation of the state's plan for the development and reconstruction of Sinai.
Madbouli said that the state is implementing these investments to increase energy in the gas fields in North Sinai.
Earlier in February, Egypt’s Minister of Petroleum and Mineral Resources, Tarek El-Molla, signed five agreements with national and international companies to search for oil and gas and produce them in four regions in the Western Desert and North Sinai offshore in the Mediterranean, with minimum investments of $40 million and the drilling of 11 new wells.
He reviewed the next axis, which is the developmental complexes, pointing out that any real development must be linked to the establishment of settlements for the residents of Sinai to suit the population increase.