Cairo – Mubasher: The Egyptian government sealed a number of agreements to develop some oil and gas fields including the field Dahr field, Atoll, and North Alexandria, over the past few months, said Tarek El Molla, Minister of Petroleum and Mineral Resources.

The $25 billion agreements are to be interpreted on the ground within the upcoming four years, the minister said on the regional conference of oil crisis impact on Arab economies.

On May 6, the minister indicated that these fields are likely to produce 1.6 billion cubic meters per day.

The decline of global oil prices, he continued, leaves less severe impact on the economic situation in Egypt, presently embodying in slower foreign investment flow in the research and production fields.  

He expected world oil prices to witness a fluctuating wave due to unexpected barriers put up by oil-producing countries’ international conflicts and internal hitches. Any possible improvement completely hinges upon the recovery of world economy and the balance between supply and demand, the minister concluded.

During July-February 2015/16, Egypt’s petroleum exports declined 41% year-over-year to $2.35 billion from $4 billion.