Egypt Clears $6.1 Billion in Dues to Foreign Partners, Boosting Energy Sector Confidence

Egypt's Petroleum Minister, Karim Badawy, has announced the complete settlement of approximately US$ 6.1 billion in overdue payments to investment partners involved in the country's exploration, prospecting, and production activities. These significant dues had remained outstanding for over two years.

Speaking at the Mediterranean Petroleum Conference and Exhibition (MOC) 2026, under the theme “Egypt: A Cornerstone for Energy Security in the Mediterranean Region,” Minister Badawy highlighted that this resolution marks a new era of partnership founded on mutual trust and commitment. The focus is now on attracting further investments and accelerating the development of Egypt's oil and gas resources.

During the period from July 2024 to June 2026, the minister reported the addition of 591 new wells to the production map and 113 new discoveries. These efforts are designed to enhance local production and counteract the natural decline in output from existing fields. Additionally, investment models have been revised to encourage the inflow of new capital.

Minister Badawy also acknowledged the broader challenges facing the global energy industry, including geopolitical tensions, market volatility, and the complexities of securing energy supplies.

In a significant development, Minister Badawy, alongside Cyprus's Minister of Energy, Commerce and Industry, Michael Damianos, witnessed the initialing of a financial framework agreement for the development of the Cypriot “Aphrodite” gas field. This agreement facilitates the linking of the “Aphrodite” field with Egypt's existing infrastructure, aiming to expedite the project. It paves the way for transporting gas from the field to Egypt, utilizing the nation's advanced capabilities in receiving, processing, and liquefying natural gas for distribution both domestically and internationally.

The minister emphasized Egypt's strategic assets that bolster its position as a key energy hub in the Mediterranean, leveraging its prime geographical location. He further stated that the future of the petroleum sector involves not only increasing oil and gas production but also maximizing the added value derived from these natural resources.