UPDATE 2-Egypt pays $1.5 bln to foreign energy companies - oil ministry

(Updates to include financing details)

CAIRO, Oct 2 (Reuters) - Egypt has paid $1.5 billion of itsdebt to foreign energy companies, the oil ministry said in astatement on Thursday.

Egypt has delayed payments to oil and gas firms since apopular uprising ousted autocrat Hosni Mubarak in 2011 andbrought on almost three years of instability. Some of the debtswere incurred before the revolt.

The Arab world's most populous country faces its worstenergy crisis in decades. It still owes foreign energy firms$4.9 billion after this latest payment, which was financed by aloan from Egyptian banks, according to the statement.

"The government aims to reduce the debt owed to partners inthe oil sector to an appropriate level to motivate them tointensify research and exploration," said Oil Minister SherifIsmail.

Egypt's last payment to foreign energy companies was $1.5billion made at the end of last December to oil majors includingBP and BG Group. At the time, BG Group was owed the most. It isunclear which companies will benefit from today's payment.

The oil ministry's figures indicate that Egypt's debt was at$6.4 billion immediately before this payment, up from the $5.9billion reported at the end of April. That indicates Egypt hasaccumulated $500 million in fresh debt over the past fivemonths.

Today's $1.5 billion payment was financed through a 10billion Egyptian pound loan from the National Bank of Egypt.

"We moved 10 billion pounds to the account of (state oilcompany) EGPC, which included $550 million dollars," MahmoudMontasser, vice-president at the commercial bank, said in atelephone interview, saying it was the biggest such loan evermade in Egypt.

The oil minister said on Tuesday that Egypt would beginseeking a similar loan from international banks after nextweek's Eid holiday.

Gas production is steadily declining in Egypt whileconsumption keeps rising but firms are reluctant to increaseinvestment after the government fell behind on payments. (Reporting By Ehab Farouk, Adel Abdel Rahman and Shadi Bushra;Editing by Larry King/Ruth Pitchford)