Abstract
Subject Gas sector update. Significance Despite sharp reductions in oil companies' global exploration and production, Egypt is attracting multi-billion-dollar fast-track upstream oil and gas investment. Cairo has already made progress in addressing key imbalances in its energy sector, and succeeded in reducing arrears to oil companies. Boosting upstream oil and gas production will eventually help stabilise the budget. Impacts Egypt's gas balance could turn positive by 2020, reducing the country's demand for LNG and oil product imports. Incentives for renewables, particularly solar power, are a likely path for diversifying the energy mix and stemming domestic gas demand. The government is likely to remain committed to generous PSAs. It will also probably advance domestic gas pricing reform to maintain the upstream sector's current momentum.
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