Egypt reduces energy partner arrears to $1.3 billion, Eni pledges $2 billion investment

Prime Minister Mostafa Madbouly announced that Egypt has reduced arrears owed to foreign energy partners from $6.1 billion in June 2024 to approximately $1.3 billion. This announcement was made during a roundtable with global energy firm executives at the ninth Egypt Energy Show EGYPES 2026. Madbouly stated the government's commitment to clear the remaining balance by the end of June 2026 to boost investor confidence and accelerate exploration. Petroleum Minister Karim Badawi detailed plans for new well drilling and leveraging digital transformation and artificial intelligence to increase production efficiency. Badawi also highlighted Egypt’s goal to become a regional energy trade hub in the East Mediterranean. Representatives from major firms, including Eni, Apache, TotalEnergies, and Shell, expressed support for Egypt’s energy security. Eni’s CEO committed to investing $2 billion in Egyptian operations during 2026. Industry leaders praised Egypt's balanced approach to energy transition, with executives from ExxonMobil, Chevron, and BP noting Egypt's stable investment environment. The executives emphasized a balanced energy mix, combining oil and gas exploration with carbon emission reduction and renewable energy expansion. Several companies indicated plans to sign new memorandums of understanding for additional investments before the EGYPES 2026 conference concludes. Leaders from Baker Hughes, SLB, Dragon Oil, and Scatec reaffirmed their dedication to transferring advanced