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British energy giant BP expects to double its investments in Egypt’s natural gas sector if it succeeds in making new discoveries in offshore Mediterranean.
During his discussions with Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla, BP CEO Bernard Looney said the company and its partners will invest about $3.5 billion over the next three years in development of its exploration blocks for gas in Mediterranean Sea, offshore Egypt, according to a statement issued by the petroleum and mineral resources ministry.
The volume of investments could be doubled if the exploration activity yields new discoveries, the statement noted, attributing Looney.
El-Molla said BP’s announcement of its investment plan for Egypt’s natural gas sector is a vote of confidence in the Egyptian economy in general and the oil and gas sector in particular.
BP intends to drill four new exploratory wells for natural gas in offshore Mediterranean in the fourth quarter of this year. These comprise two wells in the Raven field in North Alexandria, and two wells in North King Mariout and Northwest Abu Qir fields.
The statement also disclosed 3D seismic survey for the North El Tabya area extension in the Mediterranean has been completed and data processing and evaluation is underway.
It said BP and the Egyptian government are working together in the areas capacity building, emissions reduction, green energy and hydrogen.
In December 2022, BP signed a memorandum of understanding (MoU) with the Egyptian government to explore the potential for establishing a new green hydrogen production facility in the country.
(Writing by Eman Hamed; Editing by Anoop Menon)
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