BG Lays Bare Egypt Woes But Improved Payments Offer IOCs Hope
BG’s 2013 results show that sliding production at its gas fields offshore Egypt is at least as culpable for the company’s woes as state oil firm EGPC’s increased offtake. But increased fourth quarter payments offer some hope to IOCs. $200mn was cut from their receivables balance in 2013.
UK firm BG operates close to a third of Egypt’s gas output. It says Egyptian state firm...