Egypt Announces New Oil Discovery in Gulf of Suez

The Egyptian Prime Minister Mostafa Madbouly announced, during a press conference, Wednesday, a new petroleum discovery in the Gulf of Suez, which is an important step in boosting energy production in Egypt.

He explained that the initial reserves are estimated at about 8 million barrels, with expected daily production exceeding 5,000 barrels, which opens the way for more future explorations in an area that was considered outdated.

In a related context, Madbouly confirmed that the government is continuing its economic plans to enhance the state's hard currency resources, pointing to the improvement in remittances from Egyptians abroad, thanks to the stability of the exchange rate and confidence in the banking sector.

He also referred to initiatives to encourage Egyptians abroad to invest in Egypt, such as the "Beit Al Watan" and "Baytak fe Misr" programs, in addition to the initiative to import vehicles for expatriates.

The Prime Minister reviewed the agenda of his visit to Iraq, where he will be accompanied by a large ministerial delegation to discuss enhancing economic cooperation between the two countries, especially in the fields of infrastructure, industry, energy, and investment, in addition to the tripartite linkage projects between Egypt, Iraq, and Jordan.