Egyptian Minister for Petroleum and Mineral Resources, Karim Badawi, has met with BP’s Executive Vice President of Gas & Low Carbon Energy William Lin to review the company’s latest activities in Egypt including the exploration and production for natural gas.
During the meeting held on the sidelines of ADIPEC 2024, Lin talked about the ongoing work to drill two new wells for gas production in the second phase of the Raven project.
He also reviewed the drilling program for gas in the Mediterranean Sea and continued seismic surveys activities for exploration in its new concession areas.
He also highlighted the coordination efforts to increase operations in the Atoll field in the North Damietta offshore concession area.
Besides, the meeting outlined BP’s work program in Egypt for the coming period, aiming to accelerate exploration and production activities and develop fields in the Mediterranean to increase production rates.
Badawi emphasized the Ministry’s full support for BP’s plans to increase production and encouraged the company to expedite exploration efforts to boost reserves, benefiting both sides.
The meeting also discussed the incentives being implemented by the petroleum sector to encourage global investment, increase production, and overcome challenges in the field.
In this regard, Badawi highlighted the new mechanisms for paying partners’ dues, ensuring regular and sustainable payments, and promoting new and attractive investment opportunities in oil and gas exploration.
For his part, Lin confirmed the company’s compliance with the agreed plans to increase natural gas production from its Mediterranean concessions and to drill new wells while implementing new exploration programs.
He expressed the company’s interest in investing in Egypt reflecting its confidence in the Egyptian petroleum sector and the long-standing partnership between the two sides.
The meeting also addressed the progress of the new joint company between bp and ADNOC for investing in natural gas exploration in the Mediterranean Sea in Egypt.
The meeting was attended by Nader Zaki, Regional President of bp for the Middle East and North Africa and Moataz Atef, Head of the Central Administration of the Technical Office and official spokesman for the ministry.
Source: https://energynewsafrica.com