Milan / CAIRO (Reuters) - Egypt's readiness resulted in energy-hungry to move forward with reforms to the fuel market and a commitment to repay its debt plans for an unexpected surge in exploration and supply of oil and gas deals that caused political turmoil in the country postponed.

Egypt has become a major new market for oil and gas with the government's efforts to alleviate the worst energy crisis in decades.

In January alone, Egypt has entered into 15 new deal for exploration and amended other agreements and completed the major tenders to import liquefied natural gas from countries including Algeria, Russia and opened up to the world's energy pricing standards at a time when the government is seeking to abolish subsidies by 2019.

Said Martin Murphy, an analyst research specialist upstream activities in North Africa at Wood Mackenzie said exploration companies attracted to the rise in oil and gas production profits determined by the State to Egypt now consider a different perspective, although the government still owes billions to one.

Depends Egypt, home to some 90 million people rely heavily on gas to generate electricity for homes and factories.

According to the Ministry of Petroleum that investments worth $ 2.9 billion flowed into exploration and production in the energy sector in Egypt since November November 2013 activities.

A spokesman for the Ministry of Petroleum, said that his country is currently working on the completion of three large deals for oil and gas with a total value of $ 9.2 billion, without giving further details.

Murphy said of Wood Mackenzie "pay down debt and repair offshore production rates (and predicted further those reforms) as well as the fact that Egypt is a huge market hungry for gas" are all factors that attract new investors.

After four years of unrest gas demand rising to transform Egypt from a net exporter of gas to Mistod led while causing the accumulation of arrears owed to oil companies in the refrain from new investments exploration and production sector.

The result was that Egypt's worst power shortage in a decade.

However, Egypt began to settle debts owed to foreign energy companies, which amounted to $ 3.1 billion as of December, after the payment of $ 2.1 billion. Show signs of success on the energy reforms while falling oil prices eases the burden of reducing energy subsidies relatively.

* Subsidy cuts

Pushed the new offshore gas production profits pricing policy to six dollars per million British thermal units in new projects, which is attributed partly to reduce the support that was devoured 20 percent of GDP in the past and hampered the state's ability to repay the dues producers.

Said Tariq Mullah head of the Egyptian General Petroleum Corporation is expected to encourage the average price of gas and energy companies, especially in the light of moves expected world oil prices.

The gas production revenues of not more than US $ 2.65 per million British thermal units in the past.

Murphy said, "in Western Sahara, where exploration costs less than the government began to raise the price you would pay for gas producers," he said, adding that the German RWE Dea got a price increase for the new production of the project in Desouk.

The unit amicably oil and gas subsidiary of German utility RWE it sees the possibility of pumping new investments in Egypt, thanks to the efforts of state efforts to promote competitive projects.

And announced the big energy companies Eni, BP, Shell and Total for new exploration deals in Egypt during the last month.

Maurizio Koratila general manager of the branch of Edison in Egypt, told Reuters he expected a "significant" increase in gas prices and get away from the pricing methods used.

"The new agreements with EGAS (Egyptian Natural Gas Holding) does not include a fixed price for gas will be negotiated in the light of the economic conditions of the project with the possibility of contracting to sell directly in the local market."

Egypt's debt, which suffers from a lack of liquidity and settlement included the granting of exploration companies some benefits, including exemption from the signature of the grant new privileges and linking payments increases production.

Majid Jafar, Managing Director of the Board of Directors of Dana Gas company listed in the United Arab Emirates, told Reuters that in addition to the payment, which was recently the company has approved a plan for the collection of receivables with increased production.

Last month, the company said late dues in Egypt fell to about $ 160 million from 280 million in September.

Murphy said Trans Globe Energy deducted grant signing a $ 40.6 million of outstanding dues for some concessions won by. The company declined to comment.

Koratila said that Edison offered to build a power station fueled by new supplies from the sea with her field Abu Qir discount electricity sales revenue from late dues.

Instead of withdrawing those different plans that show how companies use debt in order to increase their exposure to the Egyptian fast-growing energy markets in light of the decline of European demand.

BG Group is working with BP and GDF Suez to pump supplies from offshore gas pipeline system through its subsidiaries is fully exploited. A company source said the deal, which has not yet been completed may help BG to resume exports of liquefied natural gas.

Analysts and exploration companies that Egypt before a limited time as a source of pure gas.

In the past week, Egypt was awarded a deal worth $ 2.2 billion to the European trading companies to import liquefied natural gas is currently being arranged for at least two other two deals.

It is hoped now that limits the subsidy cuts of gas demand growth for a period sufficient to provide an opportunity for new supplies to cover the deficit.

Oil and gas deals flowing to Egypt, thanks to the energy reforms