Related Articles
Forward article link
Share PDF with colleagues

Egypt gives IOCs hope despite major challenges

Despite the major operational challenges they face, international oil and gas companies (IOCs) with interests in Egypt have some cause for comfort

It is not simply that the Egyptian authorities have promised that by 2017 it will have fully serviced arrears, totalling an estimated $6 billion, owed to energy investors. Government efforts to boost state coffers without recourse to aid from the Gulf are also a cause for optimism.  In a dramatic move to partially fix Egypt’s much criticised subsidies programme, the authorities increased petrol prices by between 40% and 80% (depending on the grade of fuel) in early July. Energy subsidies have conventionally accounted for one-fifth of all state spending in Egypt.  Debt reduction Higher taxes on cigarettes and alcohol, combined with plans to phase in electricity price rises, should likewise

Also in this section
NLNG strikes while the iron’s hot
20 July 2018
Plans are finally in motion to expand Nigeria’s LNG export capacity
Myanmar faces energy crossroads
20 July 2018
Huge potential in the country’s energy sector faces equally sizeable challenges
IOCs face choppy South China Sea conditions
20 July 2018
Beijing's determination to exert its influence in the South China Sea is causing problems for oil companies active in the region