Egypt’s Debts To IOCs Soar Above $5bn

Egypt’s debts to the country’s foreign oil and gas producers rose by $360mn in the first three months of 2016 to hit $5.32bn according to MEES estimates based on official company filings. This more than reverses reductions seen in late-2015.

Of the largest creditors, BP and Eni do not publish quarterly numbers whilst BG was taken over by Shell at the start of 2016. The three were owed a collective $3.7bn at end-2015 and there is no reason to believe they bucked the trend of increasing receivables in the first three months of 2016.

Of those companies to have published end-Q1 numbers, the three largest are mid-size producers Edison, operator of the 250mn cfd Abu Qir gas field, UAE-based Dana Gas, which operates 150mn cfd of gas production in the Nile Delta (and 6,000 b/d oil) and Canadian-listed TransGlobe which produces 12,000 b/d of oil, mostly from the Gulf of Suez.


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