El Molla: $27.3 billion to be invested in gas fields next year
$15.5 billion worth of exploration agreements to be signed next year.
Some 230 new wells will be drilled at a cost of USD 2 bn in 2018, while approximately USD 27.3 bn will be invested in the Zohr, North Alexandria, and Nooros fields, Oil Minister Tarek El Molla said yesterday, Al Shorouk reports.
El Molla also forecasts signing 83 new exploration agreements worth a total of USD 15.5 bn, in addition to USD 3.8 bn worth of new petroleum refining projects. Natural gas projects are expected to increase 50% in 2018, with that rate accelerating to 100% by 2020, El Molla said.
The minister also announced that the second edition of the Egypt Petroleum Show EGYPS will kick off on 12 February 2018 to showcase short- and long-term plans in the oil and gas sector.