Egypt Closing In On Debt Repayment And New Bid Round, Minister Says

In an exclusive interview with MEES, Egypt’s Oil Minister Sharif Isma’il lays out his strategy to curb the country’s growing gas shortfall.

Egypt will next week decide on a bank loan that determines the size of the next tranche of payments to international oil companies (IOCs) that are owed billions by the government, the country’s oil minister says.

Producers could be paid up to $3bn, according to Sharif Isma’il, Minister of Petroleum and Mineral Resources, paving the way for a new oil and gas bid round to be launched before the end of the year. The auction will for the first time include shale acreage, and contractual terms are being amended to make unconventional production commercially viable, Mr Isma’il says. (CONTINUED - 1844 WORDS)