Egypt's energy reforms spark rush of oil and gas deals

Energy-hungry Egypt's willingness to push fuel market reforms and stick to debt repayment plans has led to an unexpected resurgence in oil and gas exploration and supply deals previously delayed by political upheaval.

The country has emerged as a major new oil and gas market as the government looks to ease the worst energy crunch in decades.

In January alone Egypt clinched 15 new exploration deals, amended two more, and closed major tenders to import liquefied natural gas (LNG) from Algeria to Russia, opening up to global energy pricing norms as the government seeks to scrap crippling subsidies by 2019.