The Egyptian Minister of Petroleum Industry, Karim Badawy, confirmed the successful repayment of all overdue payments owed to investment partners involved in exploration, prospecting, and production activities. The total amount of these unpaid debts was approximately $6.1 billion and had been outstanding for over two years.
Speaking at the opening of the Mediterranean Oil and Gas Conference and Exhibition (MOC) 2026, themed 'Egypt: Cornerstone of Energy Security in the Mediterranean Region,' Badawy noted that the new phase of partnership is based on mutual trust and commitment. The main focus is on attracting investments and accelerating the development of oil and gas reserves.
He explained that between July 2024 and June 2026, 591 new wells were added to the production map, and 113 new fields were discovered. These measures are aimed at increasing domestic production and compensating for the natural decline in production volumes at the fields. Furthermore, the minister stated that investment models have been improved to stimulate the inflow of new capital.
The minister also drew attention to the growing difficulties in the global energy industry caused by geopolitical tensions, market volatility, and challenges related to energy supply.
Signing of Agreement for Aphrodite Field Development in Cyprus
Badawy, together with the Cypriot Minister of Energy, Trade and Industry Michael Damianos, witnessed the signing of an agreement on the financial framework for the development of the 'Aphrodite' gas field in Cyprus and its connection to Egypt. This agreement aims to advance the project to connect the 'Aphrodite' field with Egyptian infrastructure, thereby accelerating the project's implementation.
This opens up the possibility of transporting gas extracted from this field to Egypt. This will allow the country to utilize its advanced capabilities in receiving, processing, and liquefying natural gas for subsequent distribution in both domestic and international markets. The minister emphasized that Egypt possesses significant assets that strengthen its role as a key energy hub in the Mediterranean, thanks to its favorable geographical location. He also specifically noted that the future of the oil and gas sector lies not only in increasing oil and gas production but also in maximizing the added value of natural resources.