The collapse of oil prices last year was not the beginning of Egypt’s oil output decline but it certainly exacerbated it, bringing to a head long-standing complaints from IOCs over the country’s production sharing contracts (PSCs).
US firm Apache on 4 May announced that it had agreed in principle with Egypt’s oil ministry and state oil firm EGPC “to modernize the terms of our current production sharing contracts,” following in the footsteps of smaller oil producers, Canada’s TransGlobe and UK-listed Pharos in revising their contracts (MEES, 2 April). (CONTINUED - 1119 WORDS)
