Egypt clears arrears to foreign oil and gas companies
Petroleum Minister Karim Badawi announced the full settlement of 6.1 billion dollars in debts owed to foreign partners. This move aims to restore investor confidence and accelerate upstream exploration and drilling activities across the Mediterranean.
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Egypt Minister of Petroleum Karim Badawi announced on Wednesday the full settlement of $6.1B in arrears owed to foreign oil and gas companies. The debt had accumulated through June 30, 2024, after a foreign currency shortage delayed payments and stifled energy production. Clearing these liabilities removes a primary barrier to upstream investment and exploration in the Mediterranean's capital-intensive gas fields.
