Cairo Begins To Restore Faith In Its Oil And Gas Sector
Foreign oil firms’ faith in the Egyptian upstream is gradually being restored. Following the latest payments, receivables have been halved over the last four months. This, and talk of increased remuneration for gas output, is spurring firms to increase investment. Oil output hit a four-year high of 695,000 b/d in November (see graph).
Cairo announced on 31 December that it had made payments equivalent to $2.1bn to...