The agreement was signed during an official visit by Minister of Petroleum and Mineral Resources Karim Badawi to Algeria, in the presence of Algerian Minister of Energy and Mines Mohamed Arkab.
Badawi noted that Egypt will settle around $1.3 billion in arrears owed to international oil and gas companies by June 2026.
Badawi said Egypt has reduced arrears owed to foreign partners by 60%–70%, while settling all monthly dues through the end of December.
It will focus on upgrading Hamra Petroleum Port into a regional hub connecting Middle Eastern crude flows with European markets.
According to a statement by the Ministry of Petroleum and Mineral Resources, the discovery is part of the ministry’s broader strategy to boost domestic oil and gas production and reduce reliance on imports.
