Egypt Dangles Incentives to Draw More Oil and Gas Investors
- New energy contracts will target undeveloped areas: El-Molla
- Shell will export 17 LNG cargoes as Egypt gas output surges
Photographer: Angel Navarrete/Bloomberg
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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.
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.