Arab Finance: Egypt's cabinet has approved the continued production of oil and natural gas from development areas and contracts that have expired or are nearing the end of their validity periods, according to a statement.

The decision was based on the presence of economically recoverable reserves, the importance of maintaining current production rates, and maximizing the use of existing investments and available infrastructure.

The continued production will be subject to approved regulations, with all output extracted during the period to remain under the supervision and control of the Egyptian General Petroleum Corporation (EGPC).

The approval shall not result in an extension or renewal of expired development contracts, nor does it create any rights for contractors or private-law entities to exploit or manage the areas during the period.

The arrangement will remain in place until the necessary legal and constitutional procedures are completed and laws governing the award or re-award of the areas are issued, as applicable.

Separately, the cabinet approved a draft decision to extend the deadline for foreign residents staying in Egypt illegally by one year to regularize their status and legalize their residency under the host system.

It is worth noting that the current deadline is due to expire on September 12.