Petroleum Minister Tarek El Molla told reporters on Thursday that Egypt was committed to paying off its debts to foreign oil companies by end-2019. Those debts stood at USD1.2bn at the end of June, their lowest since 2010, when they were around USD1.3bn, he said, and down from the latest reported number of USD2.1bn in Jun 2017. El Molla repeated that Egypt intended to increase production from the Zohr field to 2bn cubic feet (bcf) of gas per day by the end of this year – up from current levels of around 1.2bcf.
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