Egypt Clears $6.1 Billion in Oil and Gas Debts to Bolster Energy Ties

Egypt has cleared $6.1 billion in outstanding arrears owed to foreign oil and gas partners, Petroleum and Mineral Resources Minister Karim Badawi announced at the Mediterranean Offshore Conference in Alexandria. The payments, which accumulated over two years, aim to restore investor confidence and boost regional production. Between July 2024 and June 2026, the country brought 591 new wells online and recorded 113 discoveries to offset declining output in existing fields.

Regional cooperation remains central to this strategy. Cypriot Energy Minister Michael Damianos confirmed that Cyprus plans to utilize Egypt’s Zohr field infrastructure and the Damietta LNG plant to process gas from the Cronos and Aphrodite projects. Badawi noted that leveraging Egyptian facilities, including refineries and export terminals, offers a pathway to enhance energy security for the region and Europe. #Egypt #Energy #NaturalGas #MOC2026 @PetroleumMinEgypt