Egyptian Minister of ​Petroleum Karim Badawi announced that Egypt had cleared its outstanding international oil and gas arrears, aligning with previous government projections for finalizing the payment, Reuters reported on June 10. In June 2024, Egypt had $6.1 billion in outstanding arrears owed to major oil and gas companies, including BP, Eni and Dana Gas, amid a balance of payments crisis and a foreign currency shortage.

Egypt has had an International Monetary Fund loan program since December 2022. According to the Central Bank of Egypt, Egypt's net foreign exchange reserves reached a record high of $53.1 billion in May 2026. Separately, BP is currently reviewing its assets in Egypt amid broader company restructuring efforts.