{"id":654951,"date":"2024-11-11T00:00:00","date_gmt":"2024-11-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/11\/egypt-has-paid-78-of-its-arrears-to-foreign-oil-and-gas-companies-since-march\/"},"modified":"2024-11-11T00:00:00","modified_gmt":"2024-11-11T00:00:00","slug":"egypt-has-paid-78-of-its-arrears-to-foreign-oil-and-gas-companies-since-march","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/11\/egypt-has-paid-78-of-its-arrears-to-foreign-oil-and-gas-companies-since-march\/","title":{"rendered":"Egypt has paid 78% of its arrears to foreign oil and gas companies since March"},"content":{"rendered":"

The government now only has USD 1 bn in outstanding arrears to foreign oil and gas<\/strong> companies<\/strong>, after having cleared another USD 1 bn in arrears last week, an unnamed government source told Asharq Business<\/a> . <\/strong>Egypt has cleared USD 3.5 bn in arrears since March, marking a 77.8% reduction in the government\u2019s outstanding arrears over a seven-month period by our math.<\/p>\n

Clearing arrears is part of a larger plan to increase local production <\/strong>following a costly few months<\/a> of energy imports to bridge the gap between local production and demand that emphasized the need to get the country\u2019s energy production back on track. Alongside efforts to proactively clear arrears, the Oil Ministry is now offering new incentives<\/a> to energy players that include increasing production sharing ratios with foreign companies in exchange for new investments, enhancing exploration efforts, and increasing extraction rates with the aim of boosting local production starting 2025.<\/p>\n

It seems that the Oil Ministry\u2019s efforts are already bringing home the goods<\/strong>, with several international energy giants recommitting to the country with big-ticket investments. Among these are Italian energy giant Eni that is set to resume drilling<\/a> at the Zohr gas field in December of this year, with the arrival of a rig to drill two new wells. We also recently found out from unconfirmed reports that US gas giant Chevron is set to begin drilling its Singer exploratory gas well<\/a> in the Mediterranean this month with investments of USD 150 mn.<\/p>\n

And it looks like there\u2019s more energy investment news in the pipeline<\/strong> \u2014 excuse the pun \u2014 with Emirati oil and gas giant Dana Gas recently saying in a <\/a>statement (pdf)<\/a> accompanying its latest earnings release that they are waiting for USD 24 mn out of a total USD 59 mn of outstanding dues owed by the government before it launches a USD 100 mn project to develop production<\/a>. The proposed 11 new wells are expected to add 80 bn cf of gas reserves and save \u201cover USD 1 bn for Egypt\u2019s economy, reducing reliance on imported LNG and mazut for power generation,\u201d according to the company<\/p>\n

After several years of production declines, the government has ambitious targets to<\/strong> meet<\/strong>, with unconfirmed reports that Egypt is looking to boost natural gas production by 30%<\/a> to 6 bn cubic feet of gas per day by the end of 2025. This new target follows the country\u2019s natural gas production having fallen 20-25% over the past two years, Oil Minister Karim Badawi said at a presser last month<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Clearing arrears is part of a larger plan to increase local production following a costly few months of energy imports<\/p>\n","protected":false},"author":1,"featured_media":654952,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[7106,93,72,91],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-654951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-debt","tag-energy","tag-enterpriseam","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"ee4b1467-0ed1-4911-a578-312de9fb0bd0","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/877.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt has paid 78% of its arrears to foreign oil and gas companies since March","related_issue":[654941],"teaser":"Clearing arrears is part of a larger plan to increase local production following a costly few months of energy imports","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.510a5a23-d589-42ef-9d77-bf97cfca8d24.mp3"},"yoast_head":"\nEgypt has paid 78% of its arrears to foreign oil and gas companies since March - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/11\/11\/egypt-has-paid-78-of-its-arrears-to-foreign-oil-and-gas-companies-since-march\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt has paid 78% of its arrears to foreign oil and gas companies since March\" \/>\n<meta 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owed by Egypt to international oil companies have fallen to USD 900 mn as of the end of June, down from USD 1.2 bn a year ago, Oil Minister Tarek\u2026","rel":"","context":"In "Speed Round"","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":633582,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/17\/govt-to-clear-usd-3-2-bn-worth-of-oil-and-gas-arrears-this-fy\/","url_meta":{"origin":654951,"position":1},"title":"Gov\u2019t to clear USD 3.2 bn worth of oil and gas arrears this FY","author":"enterpriseam admin","date":"17 July 2024","format":false,"excerpt":"The first installment \u2014 of around USD 1.2 bn \u2014 is scheduled for October","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1297.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":659155,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/22\/government-clears-usd-1-bn-in-arrears-owed-to-foreign-oil-companies-in-the-first-week-of-january-report\/","url_meta":{"origin":654951,"position":2},"title":"Government clears USD 1 bn in arrears owed to foreign oil companies in the first week of January -report","author":"enterpriseam admin","date":"22 January 2025","format":false,"excerpt":"A new schedule to settle the accumulated USD 6.5 bn in arrears had been agreed with companies","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our 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Egypt\u2019s arrears bill ballooned to USD 6.3 bn\u2026","rel":"","context":"In "Speed Round"","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":596549,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/01\/egypt-pays-dana-gas-usd-38-mn-in-owed-arrears\/","url_meta":{"origin":654951,"position":4},"title":"Egypt pays Dana Gas USD 38 mn in owed arrears","author":"enterpriseam admin","date":"1 July 2019","format":false,"excerpt":"Egypt has paid Dana Gas USD 38 mn in overdue arrears in June, the company said yesterday. The Emirati company\u2019s total revenues from its month\u2019s operations in Egypt reached USD 48 mn as it has also made USD 10 mn from selling natural gas condensate. Dana Gas received a total\u2026","rel":"","context":"In "Energy"","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":660732,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/17\/govt-set-to-pay-usd-1-bn-in-arrears-to-foreign-energy-firms-next-month\/","url_meta":{"origin":654951,"position":5},"title":"Gov\u2019t set to pay USD 1 bn in arrears to foreign energy firms next month","author":"enterpriseam admin","date":"17 February 2025","format":false,"excerpt":"The government plans to settle all its foreign energy dues by year-end","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/2\/1615.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\/654951","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=654951"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/654951\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/654941"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/654952"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=654951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=654951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=654951"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=654951"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=654951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}