EGYPT
Egypt Hopes Payment Deals Will Reinvigorate Upstream Investment
Egypt is struggling to make at least minimal payments to IOCs in the hope this will lead them to sanction long stalled upstream investment and stem recent sharp falls in exploration activity and oil and gas output. Egypt’s oil production fell to 658,000 b/d in January, the lowest level for almost three years. The fall in gas output has been even more precipitous – volumes are down 8% on a year ago and...
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