Minister of Petroleum Tarek El Molla said Egypt is finalising details of a new type of oil and gas contract to attract even more foreign investment than the USD10bn already coming into its energy industry this year. The contract will provide investors with incentives to explore undeveloped areas for fossil fuels, El Molla added in an interview. He did not provide details of the changes to the contract. “We’re improving the cost-recovery process to be faster, less bureaucratic and more efficient,” El Molla said. The government will launch a new bid round in the Red Sea this quarter, he said.