Minister of Petroleum Tarek el-Molla said that Egypt is working on completing a new oil and gas contract to attract more foreign investment other than the $10 billion already coming into the energy industry this year, according to Bloomberg.
He added that the contract will provide investors with incentives to explore for fossil fuels in undeveloped areas.
“We are improving the cost-recovery process to be faster, less bureaucratic and more efficient,” he noted, saying that the government will launch a new bid round in the Red Sea this quarter.
Previously, Molla said that Egypt aims at attracting investments of $10 billion in the petroleum sector during the current year.
Molla added that the first international tender for natural gas exploration in the Red Sea will be floated very soon, pointing out that Egypt’s gas production amounts to around 6,400 million cubic feet per day.