New foreign investments in oil, gas exploration

Egyptian Minister of Petroleum, Sameh Fahmi, yesterday emphasized the importance of luring more investments in oil and natural gas mega projects, especially for research, exploration, production, field development and exports.

Fahmi stressed that now is the time to act, especially as Egypt currently enjoys economic, political and investment stability.

He was speaking after separate meetings with the vice-president of the British Petroleum Company (BP) and the French International Oil Company Schlumberger.

While the BP Vice-President stressed his country's interest in pumping more investment in the near future into oil and natural gas exploration, particularly after the company's recent discoveries in the Mediterranean, the Schlumberger official expressed readiness to participate in developing old fields in the areas granted to it using the state of the art technology and the necessary investments.