BP to invest $700 million in Egypt natural gas production

Egypt’s Ministry of Petroleum and Mineral Resources and British energy company BP are strengthening their strategic partnership through a $700 million investment program aimed at increasing natural gas production.

During a meeting between Petroleum Minister Karim Badawi and BP executives, the company detailed its current drilling program, which commenced in April. The initiative involves drilling four confirmed wells. A recent success includes the ‘Fayoum 4’ well, which began producing approximately 80 million cubic feet of gas per day—two years ahead of schedule—and has been connected to the national natural gas grid.

The drilling rig has moved to its next location to begin work on the ‘Gharab’ exploratory well. Following this, BP plans to drill two consecutive deep-water exploratory wells through the joint venture company Archius, in which BP holds a 51% stake and XRG holds 49%. The Egyptian Ministry emphasized its commitment to providing a stable investment climate and ensuring the sustainable development of petroleum and gas resources.