Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi met Ann Davies, Senior Vice President for Wells at bp, to review the progress of drilling programs for new natural gas wells in the Mediterranean, as per a statement.
The Valaris DS-12 drilling rig commenced its drilling operations last month, supporting the company’s program aiming at developing and producing new gas resources in Egypt.
Badawi asserted that bp’s renewed drilling programs in Egypt during 2026, along with the execution of a new well drilling work program, reflect strong confidence in the petroleum sector’s investment climate.
Both sides discussed expediting the development of discovered fields in order to boost production from new discoveries, ensure economic viability for both parties, provide new gas supplies to the local market, and reduce the import bill.
They also addressed the British company’s interest in expanding oil and gas exploration across the Red Sea region under its signed agreement with the South Valley Egyptian Petroleum Holding Company (Ganope) during the EGYPES 2026 conference.
For her part, Davies lauded the Egyptian government's support in overcoming challenges and enhancing the investment landscape that contributes to achieving the mutual interests of both parties.
The meeting also highlighted Egypt's advanced infrastructure and its role as a regional energy hub, outlining the opportunities available to it in gas trading and distribution.
Moreover, the officials touched upon the state’s efforts to maximize reliance on renewable energy, which will contribute to providing additional gas supplies for value-added industries and petrochemicals.
In April, bp announced a new natural gas discovery in the Eastern Mediterranean following the successful drilling of the Denise W-1 exploration well in the Temsah concession.
The well is located about 70 kilometers offshore in water depths of up to 95 meters and less than 10 kilometers from existing infrastructure, a proximity expected to accelerate development timelines.
