Egypt lures in IOCs
The cornerstone of the country's energy reforms aims to tempt foreign firms wary of setting foot in the Egyptian market
The crux of Egypt's ambitious energy reform has been a better deal for upstream international oil companies (IOCs). Stung by the failure of exploration rounds in 2012 and 2013, Cairo has guaranteed a higher minimum price for offshore producers. The old minimum price of $2.73/mn Btu has been replaced by $3.95/mn Btu to give IOCs a stronger incentive to invest. The pricing hike, and other liberalisations, have seen a surge in exploration, led by the four IOCs that already dominate Egyptian production. Eni, flush from finding the 30tn ft³ Zohr field in 2015 last summer surveyed another field, Nour, 31 miles off Suez, although both the company and the Egyptian government are tight-lipped about r
Also in this section
17 February 2026
The 25th WPC Energy Congress, taking place in Riyadh, Saudi Arabia from 26–30 April 2026, will bring together leaders from the political, industrial, financial and technology sectors under the unifying theme “Pathways to an Energy Future for All”
17 February 2026
Siemens Energy has been active in the Kingdom for nearly a century, evolving over that time from a project-based foreign supplier to a locally operating multi-national company with its own domestic supply chain and workforce
17 February 2026
Eni’s chief operating officer for global natural resources, Guido Brusco, takes stock of the company’s key achievements over the past year, and what differentiates its strategy from those of its peers in the LNG sector and beyond
16 February 2026
As the third wave of global LNG arrives, Wood Mackenzie’s director for Europe gas and LNG, Tom Marzec-Manser, discusses with Petroleum Economist the outlook for Europe’s gas market in 2026
