Egypt Planning New Oil, Gas Contracts to Attract Investors
- New, simpler terms for exploration in country’s frontier areas
- Egypt seeks investment as it targets gas shipments to Europe
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Egypt is working on a new model for future oil and natural gas production contracts in undeveloped areas to spur exploration and help become self-sufficient in energy, oil ministry and company officials said.
The most populous Arab nation is seeking to transform itself into a gas re-exporting hub on the doorstep of energy-hungry Europe, and the planned contract overhaul is part of a broader strategy to liberalize its energy industry. Italian firm Eni SpA’s discovery of the giant offshore Zohr gas field in 2015 reignited waning investor interest in Egypt’s oil and gas industry, the country’s biggest single source of foreign direct investment.