Prime Minister Moustafa Madbouli reviewed on Monday developments of Egypt’s energy sector, including fuel supplies, exploration activity and efforts to strengthen the country’s role as a regional energy hub.
During a meeting with Minister of Petroleum Karim Badawi, Madbouli stressed the importance of ensuring stable supplies of petroleum products and natural gas while expanding exploration and production activities in cooperation with international energy companies.
Egypt has significantly reduced overdue payments owed to foreign energy partners, helping restore investor confidence and attract new investments, Badawi said.
Arrears fell from $6.1 billion in June 2024 to $440 million in May 2026, with the government targeting “zero arrears” by June 10, he noted.
In addition, the minister reviewed plans for exploration drilling in the Mediterranean during 2026 involving companies including Shell, BP, Eni, Chevron and ExxonMobil.
Badawi also highlighted a major new oil and gas discovery by Agiba Petroleum in Egypt’s Western Desert, described as the company’s largest discovery in 15 years.
The find is expected to contain around 330 billion cubic feet of natural gas and 70 million barrels of oil equivalent reserves.
Meanwhile, the minister noted that Cyprus had approved the development plan for the Cronos gas field, with first gas exports to Europe through Egypt expected by 2028.
