BP signed a Memorandum of Understanding (MoU) for the consideration of a five-well campaign at 300 to 1,500 m water depth in the Mediterranean Sea.
The transaction is one of bp's efforts to take production to 2.3-2.5 million boed in 2030 with potential to further extend production up to 2035. This follows a high-profile exploration campaign in the first half of 2025 in which bp has made 10 discoveries, two of which are in Egypt, where it completed successfully drilling at Fayoum-5 gas discovery well and El King-2 exploration well, both in West Nile Delta development.
The project targets accelerating the development and production of onshore gas reserves in the aim of extending the life of existing production facilities in West Nile Delta. Drilling is expected to commence in 2026, with tie-back opportunities for evaluation after post-drilling campaign and resources potential.
The MoU was signed during H.E. Karim Badawi, Minister of Petroleum and Mineral Resources; H.E. Ashraf Swelam, Egypt Ambassador to the UK; and Dr. Geo. Samir Raslan, Undersecretary for Exploration and Agreements at Ministry of Petroleum and Mineral Resources, visit to bp headquarters in London.
The delegation was received by Murray Auchincloss, bp chief executive officer; William Lin, executive vice president gas and low carbon energy; Nader Zaki, regional president, Middle East and North Africa; and Wail Shaheen, president of bp Egypt. Signing is a reflection of the robust nature of the long-established cooperation between the Egyptian government and bp.
"Today's announcement demonstrates our commitment to investment support of Egypt's gas business. We appreciate the continued support and cooperation of H.E. Minister Karim Badawi," said executive vice president of gas and low carbon energy William Lin. "We look forward to utilizing bp's technical expertise to unlock our recent exploration and development success to bring new gas resources and accelerate production to the country and value to our business."
We are excited with our long-standing relationship with the Egyptian government," said Nader Zaki, regional president for North Africa and the Middle East. "This memorandum is a strategic milestone in our investments in Egypt's upstream in this decade, allowing us to appraise more of the West Nile Delta's gas resources and bring them onstream as fast as possible to serve the domestic market.".