Ahmed Kamel – Egypt Daily News
Egypt has taken another step toward strengthening its energy sector by settling $300 million in overdue payments to foreign oil companies, part of a broader plan to fully clear outstanding dues in the coming months. The move reflects Cairo’s commitment to restoring investor confidence and accelerating upstream activity, as the country works to boost production and secure long-term energy stability.
Officials familiar with the matter say the government is targeting the clearance of the remaining arrears estimated at around $900 million by the end of June. Regular payments in recent months have already had a positive impact, encouraging international energy companies to expand exploration and increase production levels across key fields.
This renewed momentum is central to Egypt’s wider ambition of regaining its position as a net exporter of liquefied natural gas. After shifting to net importer status in recent years due to declining output and rising domestic demand, the country is now focused on reversing that trend. Increased investment in exploration and development is expected to play a decisive role in achieving that goal.
Egypt’s long-term targets are equally ambitious. The government aims to raise natural gas production to 6.6 billion cubic feet per day by 2030, an increase of nearly 60% from current levels. Planned drilling campaigns, particularly in the Mediterranean, are expected to unlock significant reserves and support sustained output growth.
At the same time, authorities are expanding exploration efforts beyond offshore zones. New seismic survey plans covering vast areas of the Western Desert are being prepared, signaling a push to diversify production sources and reduce reliance on imports. These initiatives are part of a multi-track strategy designed to strengthen domestic supply while attracting fresh foreign investment.
The consistent settlement of dues is emerging as a key signal to global energy players: Egypt is committed to building a reliable and competitive investment environment. As confidence returns and activity picks up, the country is positioning itself for a more resilient energy future, one that balances domestic needs with renewed export potential.
