Today, June 10, Egypt fully settled its arrears to foreign oil and gas partners, a milestone aimed at restoring investor confidence, stimulating new investment, and accelerating exploration and research activity, Karim Badawi, Minister of Petroleum and Mineral Resources,  announced in a recorded statement.

” By paying the full arrears, Egypt opens a new chapter, one defined by investments, growth, and increased production.” He said, adding that clearing the arrears is more than a financial settlement; it resolves one of the sector’s most pressing challenges in recent years.

“The arrears accumulation had curtailed investment, slowed drilling and exploration, and stalled field development — ultimately weighing on domestic oil and gas output,” said Badawi.

In recent months, Egypt has stepped up repayments, committing to regular monthly schedules. Back in June 2024, arrears stood at about $6.1 billion, a burden that eroded investor trust and constrained exploration and production.

By December 2025, the outstanding balance was down to $1.3 billion. This downward trajectory continued into 2026, with the Ministry reporting in April 2026 that the sector’s arrears had fallen further to $770 million. In May, momentum gathered pace, with arrears dropping again to just $440 million before reaching zero in June.

“Egypt’s message to the global investment community is clear: the country honors its commitments, fulfills its obligations, and is determined to foster investment by providing a stable, attractive, and mutually beneficial business environment,” Badawi added.

Parallel to the accelerated repayment of dues, recent months have seen a surge in investor interest, with Egypt securing more than $19 billion in commitments from international oil companies over the next three years. The pledges include $8 billion from Italy’s Eni, $5 billion from bp, $2 billion from the UAE’s Arcius Energy, and $4 billion from US‑based Apache