Oil discoveries in Upper Egypt to fuel investments
Discovery can attract up to $2.5 bln investments
Egypt's Oil Ministry said on Saturday it expected an influx of new investments and agreements from international companies for further research and exploration in seven of Upper Egypt's pristine areas.
Sameh Fahmi, Egypt's petroleum and mineral resources minister, said a discovery of oil in the country's southern al-Baraka field and the presence of an active oil system in Upper Egypt would cause a significant change in the country's petroleum map.
In 2010, Egypt's South Valley Holding Company for Petroleum offered the lands in an international auction after four discoveries in al-Baraka field. The bidding will close late January.