Egypt’s oil and gas sector contributed 24 percent to the Gross Domestic Product (GDP) during the fiscal year 2019/2020, with total investments of $74 billion in the FYs of 2014/2015 - 2019/2020.

Tarek El-Molla, Minister of Petroleum and Mineral Resources, noted that the sector’s growth rate of 25 percent during 2020 was a result of growing self-sufficiency in gas production and its ability to export natural gas.

This, including a surplus of exports from liquefaction facilities Damietta and Edku, helped in paying 80 percent of the dues of foreign companies operating in Egypt.

The minister's remarks were made during an event marking the International Cooperation Ministry launching of a joint coordination platform with the Oil and Mineral Wealth Sector under the name of "Egypt Regional Hub for Energy: Reforms and Horizons of the Oil and Gas Sector".

This was in the presence of Mullah and representatives of major foreign companies operating in Egypt including Apatche, Schlumberger, the African Development Bank, the International Finance Corporation (IFC), the World Bank, the German Embassy and others.

El-Molla noted that the oil and gas sector has recently clinched 98 agreements with international companies to explore for gas and oil with investments reaching up to $16 billion, noting that the Egyptian oil sector has attracted new international companies over the past phase.

The establishment of the Gas Regulatory Authority and introducing the Gas Market Activities Law allowed private companies to enter the Egyptian market, El-Molla added, noting that the country paid more than 80 percent of its arrears to foreign oil companies.

The sector will continue to implement its integrated vision for development to come in line with Egypt's vision for sustainable development 2030, in addition to investing on the positive outcome of Egypt's economic reform program, he added.