Minister of Petroleum and Mineral Resources Karim Badawi announced that the government has fully settled outstanding payments owed to international oil partners, restoring investor confidence and putting crude oil production back on a growth path.
Minister Badawi explained that clearing more than $6 billion in arrears over the past two years was a top priority for the ministry, as it was essential to regaining trust and encouraging new investment in exploration and production. He noted that crude output from onshore fields has now returned to growth after years of decline since 2021, when unpaid dues had stalled activity.
Speaking during a videoconference meeting of the Egyptian General Petroleum Corporation’s board, Badawi highlighted that the settlement of dues, combined with new incentives, has already yielded results. In this respect, he said that the Denis gas discovery, estimated at 2 trillion cubic feet, underscores Egypt’s potential in deepwater exploration.
The meeting was attended by several cabinet members, including Mahmoud Esmat, Minister of Electricity and Renewable Energy; Ahmed Kouchouk, Minister of Finance; Manal Awad, Minister of Local Development and Environment; Mohamed Farid, Minister of Investment and Foreign Trade; and Khaled Hashem, Minister of Industry. The CEO of EGPC Salah Abdel Karim and Deputy CEO for Financial Affairs Amal Tantawi presented operational updates and measures to enhance efficiency.
Badawi also pointed to Egypt’s success in securing fuel supplies during the summer of 2025, when electricity demand hit a record 40.5 gigawatts. He credited close coordination between the petroleum and electricity ministries for ensuring stability in energy provision.
Looking ahead, Minister Badawi said the five-year plan for the sector aims to double domestic crude production by 2030 through advanced technologies such as horizontal drilling and hydraulic fracturing, alongside new contracting models. He praised EGPC’s leadership and workforce for their role in strengthening Egypt’s energy system and ensuring reliable supplies to the domestic market.
