Egypt’s Petroleum Minister discusses drilling new wells with BP

CAIRO - 6 November 2024: Minister of Petroleum Karim met with British Petroleum’s Executive Vice President for Gas and Low Carbon Energy William Lynn on Wednesday to discuss the drilling of two new gas wells in the second phase of the Reven project and the exploratory drilling program in the Mediterranean.

Nader Zaki, BP's Regional President for the Middle East and North Africa, and Moataz Atef, Undersecretary of the Ministry for the Technical Office also attended the meeting. 

The meeting also tackled  continuing seismic survey activities for exploration in its new concession areas, increasing operations in the Atoll field in the North Damietta Offshore Concession Area.

The meeting reviewed BP's work program in Egypt during the coming period, which aims to accelerate the pace of exploration, production and field development in its operating areas in the Mediterranean Sea to increase production rates. 

Badawi vowed  providing all forms of support for the company's plans to increase production. He also called on the company to accelerate research and exploration operations to increase reserves for the benefit of both sides. 

The incentive measures that the petroleum sector is implementing to encourage investments by international companies, increase production, and overcome challenges in this field were also reviewed. 

Badawi pointed to the new mechanisms that the ministry has begun to implement regarding the payment of partners' dues, including maintaining regular fixed payments to ensure the continuity and sustainability of payment, in parallel with working to promote new and attractive investment opportunities in the oil and gas exploration and research sector.

For his part, BP Vice President William Lynn emphasized the company's commitment to the agreed-upon plans on increasing natural gas production from its concession areas in the Mediterranean Sea and drilling wells.

BP is also committed to implementing new exploration programs, Lynn said, explaining that BP's interest in investing in Egypt reflects confidence in the petroleum sector and the extended partnership between the two sides.

The meeting also discussed the position of establishing a new joint company between BP and ADNOC to invest in natural gas exploration and research in Egypt in the Mediterranean region.