MoU Signing
bp has signed a Memorandum of Understanding (MoU) to explore opportunities for a five-well program in the Mediterranean Sea, with water depths ranging from 300 to 1,500 meters. This initiative aims to accelerate the development and production of national gas reserves.
Drilling Timeline
Drilling operations are scheduled to commence in 2026. The program includes potential tie-back options, which will be considered following the evaluation of the drilling campaign and resource potential.
Strategic Meetings
The MoU was signed during a visit by key Egyptian officials to bp's headquarters in London. The delegation included H.E. Karim Badawi, Minister of Petroleum and Mineral Resources, and other high-ranking officials, who met with bp's top executives.
Production Goals
bp aims to increase its production to 2.3-2.5 million barrels of oil equivalent per day by 2030, with the capacity to extend production to 2035. This follows a successful exploration campaign in 2025, which resulted in 10 discoveries, including two in Egypt.
