EGYPT is setting up an “independent” agency in a bid to make the North African state’s hydrocarbons exploration and production more competitive in order to attract more foreign players.
Magdy Rady, a spokesman for the Egyptian cabinet, said the Regulatory Agency for Gas & Oil Affairs was part of the government’s programme of deregulation.
Rady said the agency would prevent monopolies developing in the Egyptian oil&gas market and that it would enhance competition to state outfits such as Egyptian General Petroleum Corporation (EGPC).
That said, EGPC would remain the resource owner on behalf of the state and investments in exploration and drilling, but would no longer have regulatory authority over the industry.
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