BP, Egypt Sign MoU for Five-Well Mediterranean Drilling Campaign

BP has signed a memorandum of understanding with Egyptian government officials to explore and drill five offshore wells in the Mediterranean Sea, targeting water depths between 300 and 1,500 meters. The initiative aims to accelerate the development and production of Egypt's natural gas reserves by utilizing existing infrastructure in the West Nile Delta region, with drilling operations scheduled to begin in 2026. This collaboration is part of BP's broader strategy to increase production in Egypt to between 2.3 and 2.5 million barrels of oil equivalent per day by 2030, with potential for further growth through 2035. The MoU was formalized during a visit by Egyptian dignitaries, including the Minister of Petroleum and Mineral Resources, to BP's London headquarters, where they met with senior BP executives. BP emphasized its commitment to leveraging technological expertise to enhance gas production in Egypt and deliver shareholder value, while Egyptian officials highlighted the strategic importance of the partnership for the country's energy sector. The agreement follows recent successful exploration campaigns in the region and reflects the strength of the long-standing cooperation between BP and the Egyptian government.