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UK-headquartered energy giant BP has reaffirmed its investment boost in natural gas exploration and production agenda in the Mediterranean Sea off the coast of Egypt.
During a meeting between Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources, and Nader Zaki, Regional President of BP for the Middle East and North Africa, and Wail Shaheen, BP’s Vice President in Egypt, have reviewed the implementation status of BP’s projects in Egypt and the firm’s investment plans for the upcoming period, given its position as one of the leading investors in gas exploration and production.
As the company confirmed its commitment to increasing investments, they discussed the company’s ambitious drilling program in the country, scheduled to begin in 2026. This program entails the drilling of new wells within its concession areas in the Mediterranean Sea, in light of the agreement signed between both sides at the UK giant’s global headquarters in London last September.
Badawi emphasized the significance of this program within the ministry’s strategy to maximize natural gas exploration activities, adding that the country’s government is keen to provide all necessary support to overcome any challenges that may arise during the drilling operations.
BP plans to raise its production bar to 2.3-2.5 million barrels of oil equivalent a day in 2030, enabling the capacity to increase production out to 2035. The UK player’s exploration campaign in Egyptian waters was conducted with the Valaris DS-12 drillship last year.
The energy giant’s drilling campaign is designed to speed up the development and production of gas reserves to extend the use of existing production facilities in the West Nile Delta.
The UK firm, together with Eni, signed a deal with the Egyptian General Petroleum Corporation (EGPC) and Egyptian Natural Gas Holding Company (EGAS) for hydrocarbon exploration activities in the Mediterranean.
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