bp offshore gas rig in the Mediterranean. Company s website.
The company's plans include drilling four natural gas wells in the fourth quarter of 2023; two in the Raven offshore field in the north Alexandria and west Mediterranean deepwater; and two in the King Mariout Offshore and west Abu Qir areas.
Looney met on Monday with President Abdel-Fattah El-Sisi and Minister of Petroleum and Mineral Resources Tarek El-Molla to discuss the company's operations in Egypt.
Over 60 years, BP has invested more than $35 billion in Egypt, according to the company's website. BP currently produces around 60 percent of Egypt’s gas through a joint venture with the Pharaonic Petroleum Company (PhPC) and Petrobel (IEOC JV) in the east Nile Delta as well as through BP-operated west Nile Delta gas development.
Egypt has been taking steps towards developing the energy sector to position itself as an energy hub. In July, El-Molla stated that the government planned to dig 35 new exploratory natural gas wells in the Mediterranean and the Nile Delta by 2025 with $1.8 billion in investments.
Egypt expects to produce about eight million tons of LNG in 2023 after discovering a new gas field in the Nargis area in January.
The country's LNG exports increased by 14 percent year-on-year to 7.5 million tons in 2022.