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Oil & Gas

Foreign investment in oil sector at $6.6 billion in FY 2015-2016

Posted: September 7, 2016 at 11:39 am   /   by   /   comments (0)

tarek el mollaForeign investments in the oil and gas sector reached USD 6.6 bn in FY2015-16, down from USD 7.5 bn in FY 2014-15, Oil Minister Tarek El Molla told Reuters’ Arabic service. El Molla says the investments in exploration, production, and development during the year came despite the internal energy price slump, which drove IOCs to reduce their expenditures globally. Egypt is targeting USD 12.1 bn in investments from IOCs in FY2016-17, the newswire notes.