Egypt is enhancing exploration terms and striving to repay nearly $5 billion it owes to foreign oil and gas producers as it struggles to prevent them fleeing to more promising prospects elsewhere in Africa. Cairo needs them to expand exploration and bring new finds to production if it is to keep the lights on and avoid more civil unrest. But investors are hesitant – Egypt pays them barely enough to cover investment costs. The costing issue has been compounded since the 2011 overthrow of Hosni Mubarak by Egypt’s inability to pay foreign firms for existing output and its decision to divert for domestic use the share of gas they normally get to export. The crisis has left BG Group, a major investor which relies on Egypt for almost a fifth of its output, unable to meet export commitments. The British firm has said it […]