Egypt’s Petroleum Minister Karim Badawy confirmed the successful settlement of all overdue payments owed to investment partners involved in exploration, prospecting, and production activities—a total of approximately US$ 6.1 billion that had been outstanding for over two years.
Speaking at the opening of the Mediterranean Petroleum Conference and Exhibition (MOC) 2026—held under the theme “Egypt: A Cornerstone for Energy Security in the Mediterranean Region”—Badawy said that this new phase of partnership is built upon mutual trust and commitment, with a focus on attracting investments and accelerating the development of oil and gas resources.
He explained that July 2024 to June 2026 saw the addition of 591 new wells to the production map, alongside 113 new discoveries, aimed at bolstering local production and offsetting the natural decline in field output.
Furthermore, investment models have been refined to encourage the influx of new capital, he said.
The minister also noted that the global energy industry is facing mounting challenges, driven by geopolitical tensions, market volatility, and the pressures associated with securing energy supplies.
Development of Cypriot Aphrodite field signed
Badawy, alongside the Cypriot Minister of Energy, Commerce and Industry, Michael Damianos, witnessed the initialing of a financial framework agreement for the development of the Cypriot “Aphrodite” gas field and its connection to Egypt.
The agreement aims to advance the project to link the “Aphrodite” field with Egyptian infrastructure, thereby accelerating its implementation.
It paves the way for transporting gas produced from the field to Egypt, leveraging the country’s advanced capabilities in receiving, processing, and liquefying natural gas, in preparation for its distribution to both domestic and international markets.
The minister emphasized that Egypt possesses significant assets to strengthen its role as a pivotal energy hub in the Mediterranean region, leveraging its prime geographical location.
He further underscored that the future of the petroleum sector is not limited to increasing oil and gas production, but also extends to maximizing the value added from natural resources.
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