Egypt Gas Officials in London to Hold Talks with BP, BG

Eng. Taher Abdul Raheem, Chairman of the state-run Egyptian Natural Gas Holding Co. (EGAS),  and Eng. Sherif Sousa, first under-secretary at the Egyptian Petroleum Ministry have departed for London today to start negotiations with BP Plc and BG Group Plc over their future production targets in Egypt.

This comes as BP and BG have recently reported a decline in their gas production in Egypt and delays in their 2014 production targets.

The talks aim to get to know the two gas giants’ future investment plans for Egypt. Egypt seeks to boost output, currently striving to repay $ 1.3 billion debts owed to foreign partners.

International gas and oil producer BG Group Plc flagged its concerns about the impact of instability in Egypt, reporting a 4 percent fall in third quarter net profit.