Egyptian President El-Sisi directs government to prioritize settlement of foreign oil and gas debts

Egyptian President Abdel Fattah El-Sisi has directed the government to maintain its commitment to settling dues owed to oil and gas companies operating in Egypt, Al Ahram reported on January 18.

As of January 2026, the Egyptian government is executing an accelerated plan to clear approximately $750mn in remaining arrears to foreign oil companies by the end of March 2026. This follows a massive repayment effort where Egypt settled over $5.5bn in dues since mid-2023 to restore investor confidence and revive declining domestic gas production.

El-Sisi said honouring these obligations is essential to raising domestic production and accelerating field development and new exploration.

The directive came during a meeting attended by PM Mostafa Madbouly and Minister of Petroleum and Mineral Resources Karim Badawi.

El-Sisi added that intensifying exploration activities and building on successful experiences remain important, as well as expanding incentives and facilitation measures for investors in the oil, gas and mining sectors. He said stronger incentives would help attract higher levels of investment, increase production and meet Egypt’s growing consumption and development needs.

The meeting reviewed progress on Egypt’s strategy to position itself as a regional energy hub and a key centre for gas trading. Discussions covered the status of offshore and aerial seismic surveys, plans to expand onshore and offshore exploration, diversification of gas supply sources and incentive packages designed to make Egypt one of the most attractive destinations for energy investment.

Officials also discussed coordination between the ministries of petroleum and electricity to secure gas supplies, particularly ahead of summer 2026.

On mining, El-Sisi was briefed on geological reserves and investment indicators in the sector. Badawi said Egypt is set to launch its first comprehensive aerial survey of mineral resources in 40 years during Q1 2025, aiming to update geological data and build a robust database to attract regional and global mining investment.

The minister also referred to recent legislative reforms, streamlined licensing procedures and new incentive packages unveiled during his participation in the fifth International Mining Conference in Riyadh.