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Depleted foreign reserves, $6bn owed to IOCs, 10-year low gas output, terrorist attacks. All weigh heavily on Egypt’s economic prospects. But a recent giant gas find together with improved terms that have spurred development of previously-discovered fields offer hope of a better future.
Delegates and speakers at the Intergas Conference in Cairo on 24 November were keen to highlight the country’s potential, but a recurring theme of the conference was that more needs to be done to improve the country’s investment climate if the recent investment uptick is to continue.
Foreign oil and gas firms active in Egypt are owed $5.96bn by state firm EGPC, MEES number-crunching based on company filings suggests (MEES, 20 November). Though this is down on the previous quarter, it is up $500mn on end-2014. (CONTINUED - 2394 WORDS)