Egypt petroleum minister says $5b invested in Zohr gasfield

CAIRO

Egypt’s Petroleum Minister Tarek Al Molla said on Thursday $5 billion had been invested in the country’s giant Zohr offshore gasfield in the Mediterranean Sea, out of an expected total investment of $12 billion.

Al Molla also said Egypt owed foreign oil companies $2.4 billion at the end of June 2017.

Egypt said in June last year it had repaid $2.2 billion in three weeks.

Cairo has pledged to eliminate arrears by the end of June 2019 and not to accumulate more, part of its drive to draw new foreign investment to an energy sector that is attracting interest following several major gas discoveries.

The Zohr field began production last month.