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Wednesday, March 23, 2016
Work at some of BG Egypt’s development projects has been suspended following a failure to come to terms with the Egyptian government over the price of gas, an EGPC official told Reuters on Tuesday.
“BG has stopped work at 9A+ and 9B after failure to reach an agreement on the fixed price to be paid for extracted gas, and it withdrew rigs working on the 9A+ wells on the seventh of March,” an EGPC official was cited by Reuters as saying. The Ministry of Petroleum, however, said that the work was not stopped over price disagreements, but rather because of negotiations over timelines.
The development areas that have seen work suspended include several deepwater wells in the West Nile Delta.
BG Egypt, a subsidiary of Royal Dutch Shell, is looking to raise the price it is paid for gas to $5.88 per million British thermal units from $3.95 currently, the official said. He also added that the firm had made the setting of a timetable for repayment of its arrears a condition for re-starting work.
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