Egypt On Road To Gas Recovery After Years of Stagnation

Cairo is attracting international investment with improved contract terms after years of inertia, but with summer fast approaching, falling output and rising demand mean the road to recovery is still a long one.

In its latest Medium Term Gas Market Report, the International Energy Agency (IEA) says despite the fact that gas production in Egypt is “mired in difficulties…early signs of stabilization have emerged as the government is taking steps to revive investors’ confidence in the country’s upstream sector.”

The IEA says it expects production to rise at an average annual rate of 1.2% until 2020 “due to a projected, gradual improvement of the country’s investment climate.” (CONTINUED - 1294 WORDS)