Two oil companies affiliated with the Egyptian Ministry of Petroleum are planning to invest more than $1 billion in oil exploration in the Western Desert.
During a virtual meeting held April 28, the head of Khalda Petroleum Co., Saeed Abdel Moneim, said about $830 million is expected to be invested during the 2021-22 fiscal year as part of a plan to search for oil and gas and develop production fields in the company’s concession areas in the Western Desert. The fiscal year starts in July.