Egypt is expected to settle all remaining dues to foreign oil and gas companies by June 10, according to statements by Mostafa Madbouly. during Meeting on Monday, May 25, with Minister of Petroleum and Mineral Resources Karim Badawi.
According to statementThe remaining $440 million (22.98 billion pounds) of outstanding payments will be paid before the previously announced deadline of June 30, bringing the receivables to what officials described as “zero outstanding payments.”
the government He said Egypt’s dues to foreign partners decreased from $6.1 billion (318.6 billion pounds) in June 2024 to $1.3 billion (67.9 billion pounds) in March 2026, before falling further to $714 million (37.3 billion pounds) in April and $440 million (22.98 billion pounds) in May.
Officials said that reducing arrears and maintaining timely payments encouraged international companies to increase investments and expand exploration and production activities in Egypt.
during interviewBadawi reviewed the ongoing drilling and exploration plans in the Mediterranean Sea and Western Sahara, in which international energy companies including Shell, BP, Eni, Chevron, and Exxon Mobil are participating.
The minister too Highlight Agiba Petroleum Company’s recent discovery 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 estimated It contains about 330 billion cubic feet of natural gas and about 10 million barrels of condensates and crude oil.
Officials also announced the start of drilling operations in a new well in the Narcissus gas field, along with new exploration plans in the western Mediterranean involving Shell, Chevron and the French energy company Total Energy.
These announcements come as Egypt continues its efforts to enhance energy security, expand natural gas production, and position itself as a regional center for energy trade in the eastern Mediterranean.