bp targets speeding up oil exploration in Egypt's Mediterranean fields

Updated 9/16/2024 5:56:00 AM

Arab Finance: bp Plc is planning to accelerate exploration, production, and field development in Egypt's Mediterranean concession in the coming months, aiming to gradually increase output levels, according to a statement by the Ministry of Petroleum and Mineral Resources.

The plans were discussed during a meeting between the Egyptian petroleum minister Karim Badawi, and Nader Zaki, bp's Regional President for the Middle East and North Africa, along with the company’s Vice President for Egypt, Wail Shaheen.

Badawi emphasized Egypt's full support for bp as a key partner in the discovery and development of Egypt's natural gas resources.

He also discussed the government's ongoing efforts to create an attractive investment environment and encourage international companies to explore and produce oil and gas locally, helping reduce import costs.

Zaki confirmed bp's commitment to agreed-upon plans, which include new exploration and drilling programs in the company's Mediterranean concessions.

He also highlighted the importance of bp’s partnership with Egypt’s petroleum sector to ensure successful implementation of these plans.

Additionally, Zaki mentioned that BP is drilling two new wells in the Raven gas field, located in the West Nile Delta, with an investment of $200 million. These wells are expected to produce 200 million cubic feet of gas per day.

The meeting also reviewed new opportunities for natural gas exploration as part of a global bid recently launched by the Egyptian Natural Gas Holding Company (EGAS).