Egypt settles $6.1 billion owed to foreign oil groups
By the AFREEQUE newsroom, based on Daily News Egypt
Egypt has settled 6.1 billion dollars in arrears owed to its foreign oil and gas partners, Petroleum and Mineral Resources Minister Karim Badawi announced. Between July 2024 and June 2026, the country also brought 591 new wells into production and made 113 discoveries, according to the minister, who was speaking at the Mediterranean hydrocarbons conference in Alexandria.
Egypt has settled 6.1 billion dollars in arrears owed to foreign partners in the oil and gas sectors, Petroleum and Mineral Resources Minister Karim Badawi announced at the opening of the Mediterranean Offshore Conference 2026 in Alexandria. The debts had accumulated over more than two years, according to Daily News Egypt.
Between July 2024 and June 2026, the country brought 591 new wells into production and made 113 discoveries, Karim Badawi said. These operations are intended to support domestic production and offset the natural decline of existing fields.
Cypriot Energy Minister Michael Damianos announced that gas from the Cronos field was to be processed using facilities linked to Egypt’s Zohr field and the Damietta liquefied natural gas plant. Gas from the Aphrodite offshore project is also to be sent to Egypt to supply the local market. Cyprus thus intends to move from exploration to the development and production of its gas resources.
Karim Badawi cited the Idku and Damietta LNG plants, gas networks and processing facilities among the infrastructure enabling Egypt to play a role as a regional energy hub. He said this role also depends on new investment, efficient operations and competitive commercial agreements. Alexandria has four refineries, accounting for about 45% of Egypt’s refining capacity, as well as five petrochemical complexes.
Summary produced with the help of artificial intelligence tools, under AFREEQUE’s editorial responsibility.
