Dana Gas, the Middle East's largest private natural gas firm, has received a final $20 million payment from Egypt, fully clearing all outstanding arrears, according to the company's statement.
This comes as Karim Badawi, Minister of Petroleum and Mineral Resources, revealed that the arrears owed to investment partners in oil and gas production has declined from $6.1 billion in June 2024 to about $714 million by the end of April 2026.
The Ministry of Petroleum and Mineral Resources (MoMR) announced a new natural gas discovery in the Nile Delta, with projected production of 50 million cubic feet per day (mmcf/d) following the drilling of the exploratory well (Nidoco N-2) in the West Abu Madi area, co-operated by Italy’s Eni and the UK’s British Petroleum (bp).
Karim Badawi, Minister of Petroleum and Mineral Resources, inspected the EDC 56 drilling rig, which executed operations on the well. Nidoco N-2, situated approximately 3 km offshore in shallow waters (depth of ~10m), was drilled from an onshore location utilizing advanced Directional Drilling (ERD) technologies. This strategic approach significantly optimized operational expenditures (OPEX) and enhanced overall process efficiency.
Karim Badawi, Minister of Petroleum and Mineral Resources, issued a reshuffling of assignments that included the heads of certain companies in the petroleum and mineral resources sector. The aim is to strengthen petroleum sites with the necessary competencies to achieve future objectives and to facilitate the exchange of expertise, according to the Ministry of Petroleum and Mineral Resources (MoPMR).
The National Gas Company (NATGAS), a subsidiary of Valmore Holding, has extended natural gas services to over two million households across Egypt, which underscores the company’s sustained growth and its capacity to serve a broad segment of citizens.
The Ministry of Petroleum and Mineral Resources is advancing negotiations with France’s TotalEnergies over expanded gas exploration in the deep Herodotus Basin of the western Mediterranean, with both sides aiming to finalize a memorandum of understanding (MoU) in the near term.
This came in a meeting between Karim Badawi, Minister of Petroleum and Mineral Resources, and Pascal Brian, Managing Director of TotalEnergies in Egypt and Cyprus, to follow up on ongoing talks about the French company’s expansion in gas exploration activities in Egypt. The discussions, which began earlier this month, focus on TotalEnergies’ interest in operating in the deep Herodotus Basin.
The Cabinet approved a series of amendments to the country’s mining regulations, tightening licensing procedures, setting new rules for state participation in mining ventures, and introducing oversight measures for geological testing laboratories.
The decision, made during the Cabinet’s 90th meeting chaired by Prime Minister Moustafa Madbouly, amends parts of the executive regulations of the Mineral Resources Law, issued under Prime Ministerial Decree No. 108 of 2020.
Outstanding arrears to International Oil Companies (IOCs) currently stand at $770 million, down from $6.1 billion in June 2024, and are scheduled to be fully repaid by June, according to Karim Badawi, Minister of Petroleum and Mineral Resources. Speaking at the Mediterranean and Red Sea Resource Exploration Summit in the New Administrative Capital, he stressed that the Ministry of Petroleum and Mineral Resources (MoPMR) is prioritizing the settlement of IOCs dues to boost investor confidence and accelerate upstream activities.
Maridive & Oil Services reported a 19% year‑on‑year increase in standalone revenues for the fiscal year ended December 31, 2025, reaching USD 78.6 million. Standalone operations delivered a gross profit of USD 33.3 million, up 25% from the previous year. This performance was driven by higher vessel utilization rates, adherence to scheduled maintenance timelines, and increased daily charter rates for certain marine units, according to the company’s disclosure to the stock exchange.
The Company also expanded its portfolio by offering a broad range of integrated solutions through its subsidiaries, while unit operating expenses declined under management’s cost‑rationalization policy. It further noted that geopolitical developments in the Gulf region occurring after the preparation of the financial statements had no impact on existing contracts or triggered cancellations.
Yasser Ramadan, Chairman of the Egyptian Mineral Resources and Mining Industries Authority (MRMIA), convened a series of high-level meetings with Turkish and American officials to bolster Egypt’s mining sector. These discussions, held on the sidelines of the Organization for Economic Co‑operation and Development (OECD) Critical Minerals Forum in Istanbul, focused on creating an attractive investment environment through international partnerships.
During the forum, Ramadan also met with Mike Kopp, Senior Advisor to the US Secretary of Energy. The discussions explored joint opportunities in mining and critical minerals while leveraging American technical expertise. Notably, the US side expressed significant interest in organizing a corporate delegation to Cairo to participate in the Egypt Mining Forum scheduled for September 2026.
Minister of Petroleum and Mineral Resources, Karim Badawi, represented Egypt and delivered a keynote address at the opening of the Organization for Economic Co-operation and Development (OECD) Critical Minerals Forum in Istanbul, Türkiye.
Badawi took part in the high-level ministerial panel discussion held during the opening session, alongside Bandar Alkhorayef, Saudi Arabia’s Minister of Industry and Mineral Resources; Mike Kopp, Senior Advisor to the US Secretary of Energy; Rohitesh Dhawan, President and CEO of the International Council on Mining and Metals (ICMM); and the Philippine Undersecretary of Industry.
