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Egypt: oil firms taking the rough with the smooth

Modest increases in Egypt's oil and gas reserves are keeping IOCs interested, despite concerns over investment terms, writes Digby Lidstone

LEGEND tells that anyone who drinks the waters of the Nile is bound to return one day to Egypt. But the same cannot always be said of those who have sampled the local oil and gas. Cairo has had a fickle relationship with international oil companies (IOCs) over the years, at times courting foreign investment, at other times repelling oil majors with new taxes and layers of red tape. Interest in Egypt's modest reserves of oil and gas has also waxed and waned with the rise and fall of energy prices (see Figure 1). The Egyptian energy sector is emerging from one of its periodic bouts of uncertainty. Investors remain puzzled over the government's policies, after it subjected energy companies ope

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