UK’s multinational oil company bp has signed a Memorandum of Understanding (MoU) to drill five oil wells in the Mediterranean Sea. The MoU was signed during the visit of H.E. Karim Badawi, Minister of Petroleum and Mineral Resources; H.E. Ashraf Swelam, Egypt’s Ambassador to the UK; and Dr. Geo Samir Raslan, Undersecretary for Exploration and Agreements at the Ministry of Petroleum and Mineral Resources, to bp’s headquarters in London.
The delegation met with Murray Auchincloss, bp’s Chief Executive Officer; William Lin, Executive Vice President for Gas and Low Carbon Energy; Nader Zaki, Regional President, Middle East and North Africa; and Wail Shaheen, President of bp Egypt.
According to bp, the MoU underscores the strength of the long-standing partnership between bp and the Egyptian government.
Nader Zaki, Regional President for the Middle East and North Africa, added: “We are proud of our longstanding partnership with the Egyptian government. This memorandum represents a strategic step in our investments in Egypt’s energy sector during this decade, enabling us to develop additional gas resources in the West Nile Delta and bring them onstream as quickly as possible to meet the needs of the local market.”
The agreement comes as bp plans to increase production to 2.3-2.5 million barrels of oil equivalent a day in 2030, with the capacity to increase production out to 2035. It follows a successful exploration campaign in the first half of 2025, in which bp made 10 discoveries, including two in Egypt, where it completed drilling activity at the Fayoum-5 gas discovery well and El King-2 exploration well, both part of the West Nile Delta development.
bp has been operating in Egypt for more than 60 years. Through strategic partnerships and sustained investments, the company continues to play a pivotal role in developing the country’s energy resources.
Source: https://energynewsafrica.com
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