Safwat added that his firm is planning to produce 31,500 barrels of oil per day during that period from the
These statements were made during a Sunday visit to the oil fields in Aswan, led by Minister of Petroleum
"The petroleum sector has determined a list of priorities and strategies to be implemented during the coming period," Ismail said, adding that attracting foreign investments tops that list.
Ismail added that Ganope will issue an international tender for oil exploration in April.
Ganope is currently preparing to sign four oil agreements with
Safwat highlighted that the total value of investments in the Kom Ombo region in Aswan reached
In December, the
According to Ismail, the 21 agreements, the first to be made since 2010, will boost investments in oil research and exploration field in order to increase production and reserves of oil and natural gas.
In an attempt to compensate for the lost supply of Egyptian oil, BG group has bought six liquefied natural gas (LNG) shipments from Italian utility
BG was not able to meet export obligations for an Egyptian LNG project, as "the Egyptian government had not honoured agreements covering BG's share of gas from fields, with a high level of gas being diverted to the domestic market," according to Reuters.
In the 2012/2013 fiscal year, about 24.1% of total investments in
Most Popular Stories
- Chinese May Have Spotted Malaysia Airlines Debris
- Why Buffett Bets Big on Green Energy
- 3 Shot Dead in Venezuela Unrest
- Better Pay Means Bigger Profits: Strategist
- Banks Buying Little From Minority Firms: Study
- Several Texas Cities Top Job Search List
- Senate Committee OKs Bill to Sanction Russia
- G7 Presses Russia to Pull Troops Out of Crimea
- Wall Street Rally Heads Off 3rd Day of Decline
- Obama's 'Between Two Ferns' Appearance Has Conservatives Upset