Companies including BP, Kuwait Energy, and Rockhopper are vying to acquire Circle Oil’s NW Gemsa stake.
Circle Oil is looking to sell its 40% stake of Petro Amir’s concession in the Gulf of Suez, Al Mal reported. A source told Al Mal Circle Oil is owed USD 10-12 mn from EGPC, which it recently called “unpredictable,” and is refusing to be paid in EGP. A government source explained that larger companies often agree to be paid partially in EGP or through crude oil, but smaller explorers refuse to accept EGP and do not have the sufficient production capacity from their fields to be paid in kind. IOCs are now worried about their overdue payments from the Egyptian government as the USD shortage continues to worsen, the source added.