Egypt slashes energy partner arrears as Eni pledges $2 billion investment

CAIRO - 1 April 2026: Prime Minister Mostafa Madbouly announced that Egypt has successfully reduced arrears owed to foreign energy partners from $6.1 billion in June 2024 to approximately $1.3 billion.

The announcement came during a Tuesday roundtable with executives from global energy firms on the sidelines of the ninth Egypt Energy Show (EGYPES 2026). Madbouly emphasized the state’s commitment to clearing the remaining balance by the end of June 2026 to bolster investor confidence and accelerate exploration activities.

Upstream expansion and regional hubs

Petroleum Minister Karim Badawi detailed an ambitious program to drill a significant number of new wells in the coming years. He noted that the ministry is leveraging digital transformation and artificial intelligence to increase production efficiency and satisfy rising local demand for natural gas and petroleum products.

Badawi highlighted Egypt’s strategic objective to solidify its status as a regional hub for energy trade in the East Mediterranean, utilizing its advanced gas liquefaction infrastructure and expanding cooperation with neighboring countries.

Eni to inject $2b into Egypt in 2026
Representatives from major firms, including Eni, Apache, TotalEnergies, and Shell, expressed their continued support for Egypt’s energy security. 

In a notable commitment, the CEO of Italy’s Eni announced the company’s intention to inject $2 billion into Egyptian operations during 2026.

Industry leaders at the roundtable praised the Egyptian government's "realistic and balanced approach" to the energy transition. 

Executives from ExxonMobil, Chevron, and BP also highlighted Egypt as a strategic market within their global portfolios, citing the country's stable investment environment despite regional geopolitical tensions.

Technological integration and sustainability

The energy executives underscored the importance of a balanced energy mix, combining intensified oil and gas exploration with carbon emission reduction and renewable energy expansion. 

Several companies indicated they would sign new memorandums of understanding for additional investments before the conclusion of the EGYPES 2026 conference on 1 April.

The roundtable featured top leadership from firms including Baker Hughes, SLB, Dragon Oil, and Scatec, all of whom reaffirmed their dedication to transferring advanced technology and AI solutions to maximize Egypt’s natural resource potential.