Arab Finance: British company bp plans to inject new investments estimated at $1.5 billion in Egypt's natural gas exploration and development during fiscal year (FY) 2026/2027, Minister of Petroleum and Mineral Resources Karim Badawi announced.
The minister lauded the company's role in the sector as a strategic partner, affirming that bp is implementing an ambitious program to expand drilling activities in the Mediterranean.
Moreover, Badawi visited the drilling vessel 'Valaris DS-12,' which arrived in Egypt as part of a program aimed at drilling five new natural gas wells for bp and Arcius Energy.
He toured the vessel to check its readiness to carry out drilling operations for the Fayoum 4, Gharib, and Raven West (RW) wells for bp.
It will also drill two exploratory wells, Atoll West and Nofret, for Arcius Energy, a joint venture (JV) of bp and UAE-based ADNOC.
The Fayoum 4 well is scheduled to begin production next July at a rate of 100 million cubic feet of gas per day.
This well will support local supplies during the summer season to meet the increasing demand for gas used in power generation and reduce part of the import bill.
