Egypt has fully settled outstanding dues to its oil and gas investment partners. Minister Karim Badawi announced the development on Wednesday during a video conference meeting of the Egyptian General Petroleum Corporation.
The settlement marks the end of a two-year effort to clear payments that once exceeded $6 billion. Production of crude oil had declined since 2021 because of the overdue amounts.
Badawi said settling the receivables was the ministry’s top priority. The government also introduced investment incentives to support new exploration and development.
Crude oil output has now resumed growth, especially from onshore fields. Natural gas production efforts are showing early results, including the Denis discovery estimated at 2 trillion cubic feet of reserves.
The five-year strategy targets doubling domestic crude oil production by 2030. Egypt secured fuel supplies for the electricity sector last summer when demand hit a record 40.5 GW.