Written by: Suhaib Shams
The Minister of Petroleum and Mineral Resources revealed that the ministry's debt reached about 1.6 trillion pounds last June. The Minister explained during his speech at the Egypt 2026 Forum that the petroleum sector is facing major challenges as a result of the fluctuations witnessed by global markets, especially with the rising cost of importing liquefied natural gas.
Challenges of importing liquefied natural gas
The Minister pointed out that the cost of importing liquefied natural gas rose to reach 23 dollars per million British thermal units last week, compared to 11 dollars in previous periods and 17 dollars at a later stage. This increase is a result of the ongoing global crises, which imposes additional pressure on the petroleum sector in managing supply costs.
Export growth and plans to increase production
Regarding export performance, Egypt's exports of petroleum products witnessed a remarkable leap, rising from 2.1 billion dollars to 3.8 billion dollars over the past two years, which reflects the development in the sector's performance. The Minister also revealed a strategic plan aimed at increasing the production of crude oil and condensates to reach 750 thousand barrels per day by 2030, by strengthening research and exploration activities and developing domestic production.
The importance of paying foreign partners' dues
The Minister touched on the vital role of paying foreign partners' dues in stabilizing production levels, confirming that failure to commit to paying these dues would have led to a decline in natural gas production in Egypt to about 2.2 billion cubic feet per day, instead of the current rate of about 3.7 billion cubic feet per day. These moves come within the framework of the ministry's efforts to secure the needs of the local market and enhance the utilization of available petroleum resources.
