Egypt Dangles Incentives to Attract More Oil and Gas Investors - Bloomberg:
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.
“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.
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