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…
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