Egypt’s arrears to foreign oil firms fall to $900m at end of June: minister

Egypt owed foreign oil companies $2.4 billion in June 2017. (AFP)
Updated 11 July 2019
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Egypt’s arrears to foreign oil firms fall to $900m at end of June: minister

  • Tarek El-Molla: Egypt’s total monthly payments to foreign oil companies stood at $700 million
  • Egypt owed foreign oil companies $2.4 billion in June 2017

CAIRO: Egypt’s arrears to foreign oil companies declined to $900 million at the end of June from $1.2 billion a year ago, the petroleum minister said on Thursday, adding that the remaining amount would be paid soon.
Tarek El-Molla also told Reuters that total monthly payments by Egypt to foreign oil companies stood at $700 million.
Italy’s ENI, BP, Royal Dutch Shell and Italian energy group Edison have dominated energy exploration work in Egypt in recent years.
Arrears to foreign oil companies piled up after the 2011 uprising that forced long-ruling President Hosni Mubarak to step down, reaching $6.3 billion in the 2011-12 fiscal year.
But they have been declining since 2014 as Egypt sought to become a regional energy hub.
Egypt owed foreign oil companies $2.4 billion in June 2017.
Molla said he hoped that the remaining arrears would be paid soon, but gave no specific time.
Cairo has pledged not to accumulate more arrears, part of its drive to draw new foreign investment to an energy sector that is attracting interest following several major gas discoveries.


Libya’s NOC confirms 290,000 bpd production at Sharara offline

Updated 40 min 3 sec ago
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Libya’s NOC confirms 290,000 bpd production at Sharara offline

  • NOC said it was conducting a full-scale investigation into suspected closed valves in the Hamada area
  • It also said in a statement that production from El Feel oilfield was unaffected by the incident

LONDON: Libya’s National Oil Corporation confirmed on Saturday that production at its 290,000 barrels per day El Sharara oilfield was currently offline.
NOC said it was conducting a full-scale investigation into suspected closed valves in the Hamada area.
It also said in a statement that production from El Feel oilfield was unaffected by the incident.
Sources earlier told Reuters that production at El Sharara had halted on Friday due to a valve closure on the pipeline linking the field to Zawiya.