Companies sounded the alarm over Egypt’s energy sector this week, undermining government efforts to attract foreign investment into exploration and production to alleviate growing supply shortages.
British gas producer BG on Monday declared force majeure for its Egypt operations, and wrote off over $1bn in revenue for 2013 as its liquefied natural gas (LNG) exports remain severely curtailed. Later in the week, Poland’s state-owned producer PGNiG confirmed it was relinquishing a concession because of the political situation in Egypt, while Canada’s TransGlobe acknowledged it had shifted production targets back because of tardy bureaucratic decision making. (CONTINUED - 1838 WORDS)
