Egypt expects to totally settle its excellent dues to international oil and fuel companions, reaching “zero arrears” by June 10, 2026, thereby accelerating the preliminary June 30 deadline. Karim Badawi, Minister of Petroleum and Mineral Sources, disclosed this throughout a gathering with Prime Minister Mostafa Madbouly, noting that common funds pushed international companions’ arrears all the way down to $440 million in Might 2026, dropping sharply from $714 million in April 2026, famous a Cupboard assertion.
Badawi confused that the well timed monetary settlements restored worldwide confidence, incentivizing world majors to ramp up exploration and manufacturing (E&P) investments. To maintain this momentum, the ministry mapped out the 2026 Mediterranean exploratory and growth drilling blueprint, which coordinates scheduled manufacturing timelines with multinational companies, together with Shell, bp, Arcius Vitality, Eni, Chevron, and ExxonMobil.
Operationally, the ministry highlighted huge new hydrocarbon discoveries, headlined by Agiba Petroleum Firm’s Bostan South-1X exploratory nicely within the Western Desert. Marking Agiba’s largest discover in 15 years, the construction holds estimated recoverable assets of almost 70 million barrels of oil equal (mmboe), encompassing 330 billion cubic ft (bcf) of pure fuel and roughly 10 million barrels (mmbbl) of crude oil and condensates.
Moreover, drilling operations kicked off at a brand new nicely inside the Nargis pure fuel area within the Mediterranean to spice up home pure fuel output and curb the power import invoice.
Within the Western Mediterranean, Shell and Chevron are finalising plans to spud the Velox exploration nicely. This aligns with a memorandum of understanding (MoU) signed by the Egyptian Pure Fuel Holding Firm (EGAS) and TotalEnergies to determine a strategic partnership to discover offshore hydrocarbon potential. Complementing these drill packages, regional seismic surveys carried out from January to Might 2026 accomplished phased baselines extending over 5,600 kilometers (km) and masking an space of 100,000 sq. kilometers (sq km).
Solidifying Egypt’s standing as a main East Mediterranean pure fuel hub, Cyprus accredited the event and manufacturing blueprint for the offshore Kronos area. Below the plan, the primary pure fuel shipments from the sector will export to European markets through Egypt’s infrastructure by 2028.
Within the mining sector, the Mineral Sources and Mining Industries Authority (MRMIA) initiated a contract with Spanish agency Xcalibur to execute Egypt’s first complete airborne geophysical survey in 42 years.
