BP to invest $3.5 bln in gas exploration in Egypt over three years

Ahram Online , Tuesday 29 Aug 2023

Global energy giant British Petroleum (BP) is planning to invest $3.5 billion in the exploration and development of natural gas resources in Egypt over the next three years, CEO Bernard Looney stated on Monday.

bp offshore gas rig in the Mediterranean. Company s website.
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.

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