Upstream success traps Egypt in commercial dilemma
Issue 416 - 29 May 2020
While Egypt has laboured successfully over several years to re-establish export capabilities, the global crisis caused by the Covid-19 pandemic has destroyed the international LNG market for the time being. With the budget under severe strain, the authorities can ill afford to continue paying premium prices to IOCs for offshore gas and are pushing these partners to rein in production as much as they can. The incomplete deregulation of the domestic market is likely to remain frozen while the government leans on international multilateral support to ride out the crisis.
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