Egypt’s state gas firm Egas on 26 August launched a bid round for ten Mediterranean and two onshore Nile Delta blocks as newly appointed oil minister Karim Badawi attempts to charm firms back to the country’s gas heartland.
The following day the ministry announced it is “launching new investment incentives to encourage [an] oil and gas production increase.” The minister is looking “to improve the investment climate” as “investments are considered the cornerstone of supporting and boosting” oil and gas output. A key sticking point in recent months has been the increase in receivables firms are owed for their Egypt output, with some castigating the lack of clarity from the ministry. (CONTINUED - 2052 WORDS)
