Egypt’s petroleum sector contributed about 24% to the country’s gross domestic product (GDP) during 2020, Minister of Petroleum and Mineral Resources, Tarek El-Molla, said
The minister added that the legal and legislative reforms carried out since 2014 have managed to rebalance and stabilise the sector amid the challenges that impacted investments since 2011.
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More than 60 international companies are currently operating in the oil and gas sector in Egypt, El-Molla added in a statement on Tuesday.
In 2018, Egypt launched an initiative to hold strategic talks with East Mediterranean countries which led to the establishment of the East Mediterranean Gas Forum (EMGF) in a bid to develop a sustainable regional natural gas market.
