Egypt clears arrears to oil and gas companies Badawi said clearing the debt ​removed a ​key ⁠obstacle to new investment inflows and would support increased exploration, ​drilling and field development activity. Wednesday 10/06/2026 Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi attends a panel discussion session at the Future of Energy Security Summit in London, April 24, 2025. CAIRO Egypt’s Minister of ​Petroleum Karim Badawi said on Wednesday that the ‌full settlement of arrears owed to oil and gas partners marked a turning ​point for the sector. Badawi said payment ​of the arrears, “restores investor confidence and ⁠paves the way for increased ​upstream activity and accelerated project development.” Egypt had accumulated ​about $6.1 billion in arrears to foreign oil companies by June 30, 2024 due to a ​prolonged foreign currency shortage that ​delayed payments and weighed on investment and gas ‌output. ⁠The shortage has since eased, though some companies have said that arrears kept accumulating. The minister said clearing the debt ​removed a ​key ⁠obstacle to new investment inflows and would support increased exploration, ​drilling and field development activity, ​including ⁠projects in the Mediterranean where development typically requires significant capital spending and ⁠years ​of work before production ​begins.