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Following latest deals with Italian firms Eni and Edison, Egypt will now pay close to $6/mn BTU, not far off prevailing international LNG prices of $7-8/mn BTU, for an increasing share of its incremental gas output.
The Egyptian government is making concerted efforts to bring back international oil companies and with them much needed investment. It has revised the price it will pay for domestically produced gas.
Egypt’s state owned gas firm EGAS has signed deals with Italian firms Eni and Edison to increase the price it will pay for domestically produced gas to a maximum of $5.88/mn BTU. Eni is the largest single producer of Egyptian gas with output of 1.5bn cfd, the bulk of which is in the offshore Nile Delta on blocks split 50-50 with BP.
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