Arab Finance: The Egyptian Natural Gas Holding Company (EGAS) and bp signed a memorandum of understanding (MoU) to drill five exploratory natural gas wells in the Mediterranean at depths ranging between 300 and 1,500 meters, according to a statement.

Minister of Petroleum and Mineral Resources Karim Badawi witnessed the signing ceremony at bp's headquarters in London.

The two companies will evaluate opportunities for implementing the drilling program for the five wells. The program aims to accelerate the development and production of natural gas reservoirs by leveraging the existing infrastructure in the West Nile Delta.

Drilling operations are planned to begin in 2026, with the possibility of linking new discoveries to existing facilities after assessment of drilling results and potential resources.

On his part, Badawi said the agreement falls within the first pillar of the ministry's strategy to increase investments in natural gas exploration and production (E&P).

He affirmed that Egypt continues to create an attractive investment climate for international companies.

William Lin, Executive Vice President for Gas & Low Carbon Energy at bp, indicated that the company is working to maximize the benefit of its expertise to build on the recent momentum in exploration and development activities.

By this, bp aims to add new gas resources and accelerate production to serve the country and create value for their business, Lin noted.

Nader Zaki, Regional President MENA at bp, pointed out that this investment contributes to unlocking additional gas resources in the West Nile Delta.

He also asserted plans to team up with the ministry in the next phases of development to meet local demand and increase resources during this decade and later on.

It is worth highlighting that this agreement follows bp’s recent exploration successes in Egypt, with two discoveries in the Fayoum-5 gas well and the King-2 exploration well within the West Nile Delta project.

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