Egypt Seeking Long-Term LNG Deals With U.S. Companies

Egypt is currently in talks with U.S. and other foreign companies to purchase long-term volumes of liquefied natural gas (LNG) instead of relying on the more costly spot market, according to an exclusive Reuters report, as the country’s gas production continues to decline. "The ministry (of Petroleum) is seeking three or four years of supply to hedge from sudden price increases.

It is also seeking to include a flexibility clause as the government hopes it could maybe find gas sooner or doesn't need that much gas," an industry source has told…