| Work Detail |
Minister of Petroleum and Mineral Wealth Karim Badawi convened a significant meeting on Friday, April 18, 2025, with top executives from British Petroleum (BP) to discuss and advance the companys ambitious natural gas exploration and production endeavors in Egypt. The focal point of the meeting centered on the progress of BPs ongoing operations and, crucially, its future investment strategies within Egypts promising energy sector. According to a statement released by the Ministry of Petroleum and Mineral Resources, the deliberations specifically addressed the latest developments concerning two significant natural gas discoveries. These include the finds in the North King Mariout Offshore block, situated in the Mediterranean Sea, and the El Fayoum-5 gas well, located within the North Alexandria Offshore Concession. Minister Badawi underscored the importance of the Egyptian governments collaboration with BP in swiftly developing these recent discoveries. He emphasized that accelerating the production from these fields is vital to bolstering Egypts overall energy output and ensuring a secure and reliable energy supply to fuel the nations economic growth. The Minister further elaborated on the governments comprehensive strategy aimed at addressing the challenges within the energy sector. This multi-pronged approach includes the implementation of effective investment incentives designed to attract further capital into oil and gas exploration and production. Simultaneously, Egypt is actively pursuing the expansion of its renewable energy sources, signifying a commitment to a diversified and sustainable energy future. On BPs side, Executive Vice President William Lin reaffirmed the companys strong commitment and eagerness to expedite the development of the two significant gas discoveries. He outlined BPs concrete plans to accelerate the development of the Harmattan Gas Field, located in the eastern Mediterranean Sea. Furthermore, Lin highlighted BPs intention to capitalize on the promising opportunities present in the areas operated by the Pharaonic Petroleum Company (PHPCO) within the Port Said governorate. This indicates BPs continued confidence in the potential of Egypts offshore gas reserves. Adding another layer of significant investment to the sector, the meeting also delved into the plans for Arcus Energy. This newly established joint investment entity represents a strategic partnership between BP from the United Kingdom and XRG from the United Arab Emirates. Arcus Energys primary focus will be on investing in diverse gas exploration and production areas within the Mediterranean Sea, specifically off the Egyptian coast. The high-level discussions involved William Lin, BPs Executive Vice President for Gas and Low Carbon Energy, Nader Zaki, the Regional President for the Middle East and North Africa, and Wail Shaheen, the President of BP Egypt. |
