Egypt: Receivables Rise Again

When BG announced late last month that its receivables had risen by $200mn in the first quarter it looked like it was an exception to the trend. Other Q1 filings show this wasn’t the case.

With almost all first quarter results now in, it is now clear that, despite repeated pronouncements from state oil firm Egyptian General Petroleum Corporation, receivables for international oil and gas firms active in Egypt rose in the first quarter. This in part reverses cuts to dues made late last year.

For the five firms to have released Egyptian receivables figures for the first quarter, all have reported rises. Dues are up by a total of over $300mn, or 15% from end-2013 levels. While BG’s rise of $200mn is the biggest figure, other companies have reported sharper rises in percentage terms: both Italy’s Edison and Canada’s TransGlobe saw rises of 18% (see table). (CONTINUED - 496 WORDS)


table Egypt’s Debts To Foreign Oil Companies*