Shell has discovered two new oil wells in the Mediterranean Sea of Egypt, namely Mina West and Khufu, as per a statement by the Egyptian Ministry of Petroleum and Mineral Resources.

The Central Bank of Egypt (CBE) has instructed local banks to lift the spending limit on foreign currency credit cards. The decision is part of a broader economic reform programme implemented by the CBE and the government, with the backing of international partners.

The Central Bank of Egypt (CBE) decided on Wednesday morning to allow market forces to determine the value of the Egyptian pound (EGP), while simultaneously raising interest rates by 6 percent.

Egypt aims to increase foreign investments in the oil and natural gas sector by about 25% to $7.5 billion in fiscal year (FY) 2024/2025, from an expected investment of $6 billion in the current FY, Minister of Petroleum and Mineral Resources Tarek El-Molla told Asharq Business on the sidelines of Egypt Energy Show (EGYPES 2024).