{"id":633582,"date":"2024-07-17T00:00:00","date_gmt":"2024-07-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/17\/govt-to-clear-usd-3-2-bn-worth-of-oil-and-gas-arrears-this-fy\/"},"modified":"2024-07-17T00:00:00","modified_gmt":"2024-07-17T00:00:00","slug":"govt-to-clear-usd-3-2-bn-worth-of-oil-and-gas-arrears-this-fy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/17\/govt-to-clear-usd-3-2-bn-worth-of-oil-and-gas-arrears-this-fy\/","title":{"rendered":"Gov\u2019t to clear USD 3.2 bn worth of oil and gas arrears this FY"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Gov\u2019t to clear USD 3.2 bn worth of arrears <\/strong>to foreign oil and gas companies operating in the country during the current fiscal year over three installments, an unnamed government official told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/companies\/48609\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%B3%D8%AF%D8%AF-%D9%85%D8%AA%D8%A3%D8%AE%D8%B1%D8%A7%D8%AA-%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D8%A7%D9%84%D8%A3%D8%AC%D9%86%D8%A8%D9%8A%D8%A9-%D8%B9%D9%84%D9%89-3-%D8%AF%D9%81%D8%B9%D8%A7%D8%AA\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong style=\"background-color: transparent;\">The timeline:<\/strong><span style=\"background-color: transparent;\"> The first installment \u2014 of around USD 1.2 bn \u2014 is scheduled for October. It will be followed by two USD 1 bn payments scheduled for the months that follow.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The government cleared <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a32982d2-a780-4740-9669-17aced583182\/gov%25e2%2580%2599t-clears-usd-1.3-bn%253cmark%253e-oil%253c%2Fmark%253e-and-gas-arrears\" style=\"\" rel=\"noopener\">USD 1.3 bn<\/a> worth of debt owed to foreign oil and gas companies at the end of June, marking the second large chunk of arrears paid to oil companies since the beginning of the year. The government made a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fe8be5ef-1808-4344-aa09-d303ff2fe7a2\/gov%25e2%2580%2599t-begins-paying-back-nearly-20%2525-of-overdue%253cmark%253e-arrears%253c%2Fmark%253e-to-international-oil-firms\" style=\"\" rel=\"noopener\">USD 1.5 bn<\/a> payment in March after the float of the EGP.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The key to unlocking fresh oil investments:<\/strong> The pileup of unpaid dues likely pushed away foreign energy players from launching new projects or deploying fresh investments in Egypt. <strong>Case in point<\/strong>, Italian energy giant Eni <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/97c6012f-bce9-4cd3-a3da-a6e9fd62038e\/eni-to-drill-two-new-wells-in-zohr-in-2025\" style=\"\" rel=\"noopener\">unveiled<\/a> plans to drill two new wells in the Zohr field in 2H 2025 shortly after June\u2019s USD 1.3 bn payment was announced. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The first installment \u2014 of around USD 1.2 bn \u2014 is scheduled for October<\/p>\n","protected":false},"author":1,"featured_media":633583,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7207],"tags":[93,197,72,91],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-633582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-energy","tag-eni","tag-enterpriseam","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"a24d45db-a90d-4be0-b921-a1af6ba7684e","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1297.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt to clear USD 3.2 bn worth of oil and gas arrears this FY","related_issue":[633574],"teaser":"The first installment \u2014 of around USD 1.2 bn \u2014 is scheduled for October","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.b6e2e1d7-082b-433c-8db5-f62aca07b2af.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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We are racing to reach the weekend for a respite after this full business week. THE BIG STORY TODAY- Egypt to pay USD 3.2 bn to clear IOC\u2019s arrears before the end of FY 2024-25: The government is set to clear\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/138.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":668482,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/16\/govt-makes-good-on-another-usd-1-bn-in-arrears-owed-to-oil-majors\/","url_meta":{"origin":633582,"position":1},"title":"Gov\u2019t makes good on another USD 1 bn in arrears owed to oil majors","author":"enterpriseam admin","date":"16 July 2025","format":false,"excerpt":"The last round of payments brings our total outstanding arrears to USD 2.5 bn","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/11\/877.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621710,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/15\/egypt-pays-dana-gas-usd-111-mn-in-arrears-in-9m2018\/","url_meta":{"origin":633582,"position":2},"title":"Egypt pays Dana Gas USD 111 mn in arrears in 9M2018","author":"enterpriseam admin","date":"15 November 2018","format":false,"excerpt":"Egypt paid Dana Gas USD 111 mn in arrears owed in 9M2018, the company said in its earnings release on Wednesday (pdf). The story comes as Egypt has been stepping up payments to international oil companies (IOCs), with arrears to oil producers have fallen to their lowest levels yet, coming\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571918,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/04\/egypts-govt-to-waive-egp-5-3-bn-worth-of-natgas-arrears-by-factories\/","url_meta":{"origin":633582,"position":3},"title":"Egypt\u2019s gov\u2019t to waive EGP 5.3 bn-worth of natgas arrears by factories","author":"enterpriseam admin","date":"4 June 2020","format":false,"excerpt":"CABINET WATCH- Cabinet greenlights Oil Ministry proposal to waive EGP 5.3 bn-worth of natural gas arrears owed by factories: Struggling state-owned and private sector factories will not have to pay EGP 5.3 bn in overdue bills for natural gas they bought from subsidiaries of the Oil Ministry on or before\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/6\/48.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":600256,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/23\/dana-gas-to-invest-usd-5-bn-in-egypt-in-the-coming-few-years\/","url_meta":{"origin":633582,"position":4},"title":"Dana Gas to invest USD 5 bn in Egypt in the coming few years","author":"enterpriseam admin","date":"23 January 2019","format":false,"excerpt":"INVESTMENT WATCH- Dana Gas to invest USD 5 bn in Egypt in the coming few years: Speaking of foreign players that have been vocal about dues owed by the government: Dana Gas is planning on increasing its investments in Egypt by USD 5 bn \u201cover the coming few years,\u201d CEO\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":654951,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/11\/egypt-has-paid-78-of-its-arrears-to-foreign-oil-and-gas-companies-since-march\/","url_meta":{"origin":633582,"position":5},"title":"Egypt has paid 78% of its arrears to foreign oil and gas companies since March","author":"enterpriseam admin","date":"11 November 2024","format":false,"excerpt":"Clearing arrears is part of a larger plan to increase local production following a costly few months of energy imports","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/11\/877.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/633582","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=633582"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/633582\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/633574"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/633583"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=633582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=633582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=633582"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=633582"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=633582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}