Prime Minister Mostafa Madbouly said Egypt has secured commitments from international energy companies to invest more than $19 billion in the petroleum sector over the coming three years, as the government moves to strengthen energy security and accelerate exploration and production activity.
Speaking during the government’s weekly press conference in the New Capital, Madbouly said the investments include $8 billion from Eni, $5 billion from bp, $4 billion from Apache Corporation, and $2 billion from XRG, the UAE-based energy investment platform.
The prime minister said the commitments reflect growing confidence in Egypt’s economy and energy sector despite ongoing regional and global volatility.
Madbouly also announced that Egypt had reduced overdue payments owed to foreign oil partners from more than $6.1 billion to $714 million, adding that the remaining balance will be fully settled before the end of June 2026.
He said the government’s repayment efforts, alongside new incentives for investors, had encouraged international companies to intensify drilling, exploration, and production plans in Egypt.
On recent gas discoveries, Madbouly pointed to a new find in the Abu Madi area in Kafr El Sheikh Governorate, expected to add around 50 million cubic feet of gas per day once operational later this summer due to its proximity to existing infrastructure.
He also highlighted developments at the Dennis gas field in the Mediterranean, where reserves are estimated at more than 2 trillion cubic feet of natural gas and over 130 million barrels of condensates.
According to Madbouly, the field is expected to produce between 500 million and 600 million cubic feet per day once fully operational in the second half of 2027, equivalent to around 8–10% of Egypt’s current gas needs.
The prime minister said Egypt aims to raise the share of renewable energy in the national energy mix to 45% by the end of 2028, ahead of the previous 2030 target.
He added that new agreements signed this week for projects in the Gulf of Suez and Red Sea regions will add around 4,750 megawatts of wind energy capacity and 4,000 megawatt-hours of battery storage over the coming two years.
On the state ownership program, Madbouly said around 30 state-affiliated companies are being prepared for listing on the Egyptian Exchange as part of plans to broaden ownership and attract investment.
He revealed that 12 companies have already completed temporary listing procedures, while another 8–10 companies are expected to be listed before June 30, including 10 firms affiliated with the petroleum sector.
Madbouly also said Egypt’s economy recorded 5% growth in the third quarter of the current fiscal year, exceeding the government’s previous estimate of 4.8% despite regional geopolitical tensions.
