Exploration & Production

Getting its house in order pays off for Egypt

Egypt has been paying debts and lifting prices in a bid to attract explorers, and the effort is being rewarded Egypt has been paying debts and lifting prices in a bid to attract explorers, and the effort is being rewarded.
By The Wildcat 20 April 2018 0 30525
A BP drillship in the West Nile Delta BP at work on the West Nile Delta project. (©BP plc)

The Egyptian government has been focusing on reducing its outstanding payments to IOCs and raising gas prices in a bid to stem a long-term decline in exploration activity. It is now reaping the benefits of getting its house in order.

Having previously allowed its arrears to IOCs to rack up, Cairo last year pledged to eliminate the problem by the end of June 2019. It has been making instalments to achieve this aim and will have paid off $2.4 billion of arrears over two years if...