BP eyes accelerating oil exploration, production in Egypt’s Mediterranean

Updated 10/3/2024 4:06:00 AM

Arab Finance: The UK-based bp is targeting accelerating exploration and production in the Mediterranean Sea over the coming period to boost Egypt’s natural gas output, as per a statement.

This plan was reviewed in a meeting between Minister of Petroleum and Mineral Resources Karim Badawi and the British company’s CEO Murray Auchincloss in the UK.

In this regard, Badawi emphasized Egypt's full support for bp’s initiatives to develop its concessions in the Mediterranean Sea, noting the company's importance as a strategic partner in exploring and developing the country’s gas resources.

Badawi also highlighted efforts by Egypt’s petroleum sector to improve the investment climate, introducing new incentives to attract international investors and encourage production.

He referenced a recently launched package of incentives aimed at increasing crude oil and natural gas production.

These incentives, linked to higher production rates, include mechanisms for paying part of the partners’ dues through revenue from increased output.

For his part, Auchincloss reaffirmed bp’s commitment to its planned exploration programs in the Mediterranean, with a focus on drilling new wells.

The two sides also discussed bp’s upcoming projects, including exploratory activities in the North King Mariout block and Northwest Abu Qir area and the drilling of the Osiris-1 well in the company’s Ras El Bar concession.

Additional drilling is planned in the Atoll, a conventional gas field located in the deepwater of the Noth Damietta concession, and North El Tabia following the interpretation of seismic data.