The Egyptian government plans to repay $250 million in arrears to international oil companies (IOCs) in March 2018, according to Amwal Al Ghad.

The Ministry of Petroleum and Mineral Resources has paid $300 million, and thus the total repaid arrears will increase to reach $550 million in March, Head of the Egyptian General Petroleum Corporation (EGPC), Abed Ezz El Regal, told Amwal Al Ghad.

Ezz El Regal pointed out that the government is keen on repaying all arrears in the upcoming period in order to encourage companies to continue exploration and production (E&P) work in the Egyptian concession areas.

The oil and gas sector is walking in the right direction as it implemented an ambitious plan to secure the country’s demands of oil and gas through boosting E&P activities, especially after signing 83 petroleum agreements, Ezz El Regal highlighted.