Arab Finance: Egypt is committed to maintaining a monthly payment to foreign oil partners to uphold production rates and continue exploration, the Cabinet’s Spokesperson Mohamed El-Homosany stated.

This came during a meeting held by Prime Minister Mostafa Madbouly to review the needs of the petroleum sector.

El-Homosany noted that Egypt will allow exporting a specific percentage of new gas production in order to settle its dues.

Moreover, the value of foreign partners’ share in the new production will be raised, he added.

El-Homosany pointed out that Egypt uses more than 47 drilling rigs and 55 maintenance and repair devices in natural gas production activities to scale up reserves and production.

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