Egypt this week finalized three production sharing agreements (PSAs) for gas blocks first awarded in 2012, as Cairo tries to accelerate development of the country’s gas reserves in the face of declining production.

State-owned Egyptian Gas Holding Company (EGAS) signed two agreements with a consortium of Edison and Petroceltic, and a further with Dana Gas, the Ministry of Petroleum announced on 13 February. The three companies will invest a minimum of $265mn as part of the deals. (CONTINUED - 385 WORDS)