Egypt Clears 2025 Arrears to Energean

Energean has received US$80 million in outstanding dues from the Egyptian General Petroleum Corporation (EGPC), in early January, according to a statement by Energean.

This settlement is part of a broader state initiative that has seen approximately US$5 billion in receivables paid to international oil companies (IOCs) since mid-2024. Total sector arrears have dropped from a peak of US$6.1 billion to a projected US$1.2 billion by June 2026, a move Prime Minister Mostafa Madbouly highlighted as essential for restoring investor confidence.

Energean also announced that it is preparing a multi-well exploration campaign in Egypt. Drilling is scheduled to begin at the East Bir El-Nus (EBEN) onshore prospect in the Western Desert during the second quarter of (Q2) 2026.

To optimize its portfolio, the company is also pursuing a merger of its three primary offshore concessions—Abu Qir, North El Amriya, and North Idku. Terms for the merger are expected to be announced by the end of the first quarter (Q1) of 2026.

While a natural production decline is anticipated in the near term, the merger and subsequent drilling activity are designed to stabilize output. Furthermore, Energean confirmed that the Nitzana export pipeline, which will transport gas from Israel to Egypt, has been sanctioned and is currently under development.

Energean’s 2026/27 roadmap includes significant regional milestones. Energean is progressing the Irena gas development project in Croatia, with development drilling and infrastructure installation planned in 2026. First gas is expected in the first half (H1) of 2027, alongside Israel’s Katlan project.

The company also noted plans to drill an exploration well in Block 2 offshore Greece, with drilling targeted for late 2026 or early 2027.

In the fourth quarter (Q4) of 2025, Energean delivered a 12% year-on‑year (YoY) increase in production, averaging 162 thousand barrels of oil equivalent per day (kboe/d). This resulted in full-year production averaging 154 kboe/d.

“The business remains resilient through our long-term contracts, with over US$20 billion in gas sales secured over the next two decades,” said Mathios Rigas, CEO of Energean. Rigas noted that 2026 will be a “pivotal year” as the company pursues strategic investments and optimizes its core Mediterranean asset base.