EGPC amends production sharing agreement (PSA) terms
EGPC has announced amendments to its production sharing agreements with foreign partners, according to Al Borsa. EGPC cancelled a provision requiring IOCs to give up part of the exploration zone within a concession every two years.
It also increased the amounts capped for cost recovery in production sharing agreements to 40%, instead of 35%. The amendments will not be implemented retroactively but will applied to EGPC’s most recent tender for 11 concessions.