Egypt - good news?



Egypt is set to offer a new type of oil and gas contract to attract more foreign investment in the energy industry. The contract will offer investors with incentives to explore for fossil fuels in undeveloped areas, according to Egypt’s minister of petroleum & mineral resources, Tarek El Molla. “We’re improving the cost-recovery process to be faster, less bureaucratic and more efficient,” El Molla said, adding that the government plans to award more than a dozen oil and gas concession for exploration. Separately, Egypt’s gas output is expected to increase in 2019 as the Zohr field is reaching its peak production. The country will start gas exports in 2019 with the first gas shipment planned for Jordan, Reuters reported.