Egypt Strengthens Energy Partnership with BP Following Mediterranean Gas Discoveries
Minister of Petroleum and Mineral Resources Karim Badawi met with BP’s Executive Vice President William Lin to discuss the company’s new investment plans for natural gas development and production in Egypt, particularly following recent Mediterranean discoveries.
BP completed drilling activities from two gas discoveries offshore the Mediterranean this year, El-King-2 and El Fayoum-5, which will be tied into the company’s existing onshore infrastructure as part of the West Nile Delta Gas Development project. The company also started production from the second development phase of the Raven field, with new wells expected to produce approximately 220 billion cubic feet of natural gas and 7 million barrels of condensate.
Minister Badawi emphasized the importance of the partnership with BP and highlighted the need for enhanced cooperation in projects aimed at increasing local natural gas production, reducing import costs, and encouraging further investments in the sector. BP has been present in Egypt for over 60 years with investments exceeding $35 billion and currently produces around 70 percent of Egypt’s natural gas.
Source: egyptoil-gas.com
