Egypt’s Ministry of Petroleum and Mineral Resources announced on Saturday that it will settle $1.3bn in outstanding dues owed to international oil companies by June 2026, accelerating its previously announced repayment schedule. According to official data, Egypt’s arrears to foreign energy companies had reached approximately $6.1bn as of June 2024. While the foreign currency crunch has since eased, some companies have recently indicated that payment backlogs had begun to accumulate again. Under an earlier plan announced in January, the government expected to still hold around $1.2bn in arrears by mid-2026. Industry analysts note that settling arrears could encourage international oil and gas firms to resume drilling and exploration activities, potentially reversing a decline in domestic production that has persisted since its peak in 2021.

Source: Daily News Egypt March 21, 2026 18:59 UTC