Egypt is seeking to accelerate oil and gas investments, develop discoveries, and increase domestic production, Karim Badawi, Minister of Petroleum and Mineral Resources, said during the Mediterranean Offshore Conference and Exhibition (MOC 2026), citing the settlement of outstanding arrears as a factor supporting investor confidence.
Speaking at a roundtable titled “The Future of Energy in Egypt,” Badawi joined Michael Damianos, the Cypriot Minister of Energy; East Mediterranean Gas Forum (EMGF) Secretary-General Osama Mobarez; and executives from international oil and gas companies operating in Egypt to discuss investment opportunities, production growth, and the development of Eastern Mediterranean gas resources.
Badawi said that direct engagement with investors is important to identify obstacles, speed up investment decisions, and improve the competitiveness of Egypt’s petroleum sector.The minister emphasized that the government aims to build partnerships around shared economic interests, noting that the success of international companies operating in Egypt contributes to the performance of the country’s oil and gas sector.
Company representatives said the settlement of outstanding payments owed to investment partners had strengthened confidence in Egypt’s investment climate and supported plans to direct new capital toward developing discoveries, connecting them to the national gas network, and increasing production.
In June 2026, the Ministry of Petroleum announced that outstanding arrears owed to oil and gas production partners had been fully settled, bringing the balance down from approximately $6.1 billion in June 2024 to zero. The government has linked the settlement to restoring investor confidence and encouraging additional exploration and development investment
Participants also highlighted the importance of transparent regulations, predictable investment conditions, and long-term cooperation between the government and private sector.The discussions also focused on expanding regional cooperation to monetize discovered gas resources across the Eastern Mediterranean and improve access to export markets.
The roundtable highlighted the importance of regional cooperation in developing Eastern Mediterranean gas resources, with participants calling for stronger coordination between governments and energy companies to accelerate projects, connect discoveries to existing infrastructure, and improve access to export markets.
Mobarez said the region’s challenge is to convert discovered gas resources into sustainable economic value by accelerating field development, connecting discoveries to infrastructure, and establishing commercially viable projects. He stressed that clear regulatory frameworks and investment-friendly policies are necessary to attract private-sector financing and support infrastructure development.
The EMGF is working to coordinate governments, energy companies, technology and service providers, financial institutions, and regulators to identify priority projects and advance infrastructure needed to bring regional gas supplies to market.
The roundtable concluded with an emphasis on strengthening cooperation between Eastern Mediterranean countries and industry partners, developing commercial and regulatory frameworks, and coordinating gas transportation and market access to support regional energy security.
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