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By improving the fiscal terms, Egypt has managed to secure significant investment into its upstream, even as producers are still owed billions by the government.
Egypt’s latest auction of oil and gas blocks is crystallizing into the envy of its neighbors, as international oil companies (IOCs) flock to Egyptian acreage, while upstream investment into other key North African producers stagnates.
This week, IOCs picked up further blocks in Egypt, offered in a bid round launched in the final days of 2013, when the country was embroiled in political turmoil and economic difficulties. France’s Total, BP and the UAE’s Dana Gas were the latest companies to sign up to exploration licenses, encouraged by gas price reform, improving state finances and political stability.
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