Egypt is expected to settle all remaining dues owed to foreign oil and gas companies by 10 June, according to statements by Mostafa Madbouly during a meeting on Monday, 25, May with Minister of Petroleum and Mineral Resources Karim Badawi.
According to the statement, the remaining USD 440 million (EGP 22.98 billion) in outstanding payments will be paid ahead of the previously announced deadline of 30 June, bringing dues to what officials described as “zero outstanding payments.”
The government said Egypt’s dues to foreign partners dropped from USD 6.1 billion (EGP 318.6 billion) in June 2024 to USD 1.3 billion (EGP 67.9 billion) in March 2026, before falling further to USD 714 million (EGP 37.3 billion) in April and USD 440 million (EGP 22.98 billion) in May.
Officials said reducing arrears and maintaining timely payments had encouraged international companies to increase investments and expand exploration and production activities in Egypt.
During the meeting, Badawi reviewed ongoing drilling and exploration plans in the Mediterranean and Western Desert involving international energy companies including Shell, BP, Eni, Chevron, and ExxonMobil.
The minister also highlighted a recent discovery by Agiba Petroleum through the “Bustan South 1” exploration well in the Western Desert, described as the company’s largest discovery in 15 years.
According to the statement, the field is estimated to contain around 330 billion cubic feet of natural gas and approximately 10 million barrels of condensates and crude oil.
Officials further announced the start of drilling operations at a new well in the Narges gas field, alongside new exploration plans in the Western Mediterranean involving Shell, Chevron, and French energy company TotalEnergies.
The announcements come as Egypt continues efforts to strengthen energy security, expand natural gas production, and position itself as a regional hub for energy trade in the Eastern Mediterranean.
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