Egypt’s gas output finally looks to have turned the corner after years of decline (see p4). The same cannot be said for oil, output of which fell to a multi-decade low of 614,000 b/d in March.

Firms are going slow on the investment needed to counter high underlying decline rates (never mind increase output) due to the continued unreliability of payment for their production from state oil firm EGPC.

Central Bank Governor Tariq Amir on 16 May said Egypt had just paid off $750mn of the...