Egypt Allows Gas Exports to Pay Off Company Debts

The Egyptian government has approved the export of a portion of newly produced natural gas to settle outstanding payments to foreign companies. This decision aims to encourage further exploration and production activities in the country. The move comes after a meeting chaired by Prime Minister Mostafa Madbouly, where discussions focused on securing the necessary funding for the oil sector, ensuring sustained gas production, and addressing the needs of the domestic market. The government has committed to a monthly payment schedule to foreign partners to maintain production levels and encourage ongoing exploration efforts. As part of the incentive package, the government will also allow the export of a specific share of newly produced gas, with the proceeds earmarked for settling outstanding payments. Additionally, the government will increase the share of revenue for foreign partners in new gas production, as per economic models. The move underscores the Egyptian government’s commitment to attracting new investments and strengthening its energy sector.