Egypt wants bigger share in future oil and gas deals - minister
Egypt will seek bigger share in oil and gas projects run by foreign companies
Click here to add BP as an alert
Disable alert for BP,
Click here to add Dana Gas as an alert
Disable alert for Dana Gas,
Click here to add Edison as an alert
Disable alert for Edison,
Click here to add IEOC as an alert
Disable alert for IEOC,
Click here to add Osama Kamel as an alert
Disable alert for Osama Kamel,
Click here to add Petroceltic International as an alert
Disable alert for Petroceltic International,
Click here to add Petroleum Ministry as an alert
Disable alert for Petroleum Ministry,
Click here to add Pura Vida as an alert
Disable alert for Pura Vida,
Click here to add Sea Dragon as an alert
Disable alert for Sea Dragon
Egypt will seek a bigger share of production in future oil and gas exploration contracts signed with foreign companies, its petroleum minister said in remarks published Wednesday.
In remarks to Al-Borsa newspaper, Osama Kamel said the new system would not be applied retroactively to existing contracts. He did not give a time frame or any further details.
"We will implement the new contracts system in tenders to be offered in the next period and not retroactively. The contracts that were recently concluded will not be subjected to it," he said.
An Egyptian engineer has filed a lawsuit demanding the freezing of oil exploration contracts signed with foreign firms, saying that they undermine Egyptian interests. An administrative court on Tuesday adjourned the case until 6 July.
The Petroleum Ministry last week awarded contracts for a minimum investment of $1.2 billion in eight oil and gas prospection projects in the Mediterranean Sea off its northern coast.
It awarded the contracts to firms including BP, Petroceltic International, Edison, Sea Dragon , Dana Gas, IEOC, a subsidiary of Italian oil major ENI and Pura Vida Energy.
- Will terror attacks damper Arabs' appetite for European holidays?
- So cool it's hot: Saudi Arabia's $3.2B HVACR market driven by construction boom
- US, EU protectionist policies may be a blessing in disguise for GCC suppliers
- Dubai to Doha: How far can you stretch your dirham?
- OPEC's poor history of compliance will make production cut deal a challenge