Zohr Field in the Mediterranean
The ministry stated that regular monthly payments of dues, the reduction of accumulated debt, and a package of incentive measures have yielded positive results.
These include halting the decline in production, boosting partners’ confidence, and encouraging them to increase investments in exploration, research, and production development, thereby supporting domestic output and reducing the import bill.
In a similar move, Egypt cleared all outstanding dues owed to the UAE’s Dana Gas on Friday, as part of ongoing efforts to settle arrears in the petroleum sector and improve the investment climate.
The move also comes within broader government policy in recent years aimed at reducing accumulated debts to foreign energy companies and maintaining steady investment in oil and gas production.
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