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Egypt owes oil firms over $5bn
- Egypt: Saturday, April 13 - 2013 at 01:21
Financial disclosures by international oil firms including BP, BG, Apache, Edison and TransGlobe Energy show Egypt owed them more than $5.2bn at the end of 2012, Reuters has reported. BP was owed $3bn as of the end of 2012, of which around $1bn was overdue. BG was owed $1.3bn, of which $600m was overdue. Edison has $400m overdue, followed by TransGlobe and Dana with over $200m each. The government's delay in paying its debts to oil and gas producers could hold back investment in the sector and potentially endanger Egypt's energy security. "The delays in payments to the operators end up hurting Egypt itself as a potential decline in investment and production may lead to lower government revenues and a supply gap, in a potential vicious circle," said the managing director of Dana Gas, Majid Jafar.
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