Egypt Dangles Incentives to Attract More Oil and Gas Investors
Monday 11/February/2019 - 01:50 PM
Egypt is finalizing details of a new type of oil and gas contract to attract even more foreign investment than the $10 billion already coming into its energy industry this year، Bloomberg reported.
The contract will provide investors with incentives to explore for fossil fuels in undeveloped areas، Egypt’s oil minister Tarek El-Molla said in an interview. He didn’t provide details of the changes to the contract.
“We’re improving the cost-recovery process to be faster، less bureaucratic and more efficient،” El-Molla said. The government will launch a new bid round in the Red Sea this quarter، he said.
The most populous Arab nation wants to become a gas re-exporting hub on the doorstep of Europe، and the contract overhaul is part of a broader plan to liberalize its energy industry. . edited by: Basant Ahmed