The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Mulla, revealed the trend to launch 3 international bids for oil and gas research and exploration in 2023.
El Mulla said in an interview with Al-Arabiya that Egypt aims to achieve revenues from gas exports worth between $ 8 and $ 8.4 billion this year "as long as prices do not rise again," expecting to attract investments of $ 8 billion in research and exploration this year.
The minister stressed that foreign companies can transfer their profits abroad, pointing to coordination with companies so as not to accumulate their dues, pointing out that "we are working with our partners abroad and there is no problem, and we aim to increase production, and sales resources and their share goes directly to them to reduce the accumulation of debt, and in order to increase the production process, we do not want to repeat the accumulation of foreign companies' indebtedness with the ministry."
Minister El-Mulla explained that "there are 300 exploratory wells until 2025 for oil exploration in a number of areas," stressing that "reaching these numbers came after communicating with global partners."
Source (Al-Arabiya.net, Edited)
