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Egypt’s Oil Ministry has agreed to raise the price for gas from an offshore field developed by Germany’s RWE Dea, and is in negotiations with other companies to boost output in the gas-rich Nile Delta by offering more attractive terms.
The agreement is in line with a pledge by Oil Minister Sharif Isma’il to improve on Egypt’s parsimonious standard $2.65/mn BTU gas price for offshore projects. The deal still has to be approved by Cairo, according to a 19 June government press release. RWE Dea declined to comment on the announcement, acknowledging only that negotiations had been under way. (CONTINUED - 397 WORDS)