2024/09/14

BP invests $200M to boost Raven Field gas production

Engineer Karim Badawy, Minister of Petroleum and Mineral Resources, met with Engineer Nader Zaki, Regional President of British Petroleum (BP) in the Middle East and North Africa, and Engineer Wael Shaheen, Regional Vice President of BP Egypt. The meeting focused on strengthening collaboration between the Egyptian government and BP to drive investment in the petroleum industry and boost production.

During the meeting, Engineer Karim Badawy was briefed on BP's upcoming work program in Egypt. The program focuses on accelerating exploration, production, and field development in the Mediterranean, aiming to gradually increase production rates.

The minister emphasized the government's full support for BP's plans to increase production and its commitment to supporting the company's operations in Egypt as a key partner in discovering and developing Egypt's natural gas resources. The government is actively working to create an attractive investment climate and encourage international companies to explore and produce oil and gas in Egypt, contributing to increased domestic production and reduced import dependency.

Engineer Nader Zaki, Regional President of BP in the Middle East and North Africa, reaffirmed the company's commitment to implementing exploration programs and drilling new wells in its concession areas in the Mediterranean. He highlighted the importance of joint cooperation with the petroleum sector to support these efforts and noted the progress of the ongoing project to drill two new wells to produce natural gas from the Raven offshore field, west of the Nile Delta. This $200 million investment is expected to yield 200 million cubic feet of gas per day, contributing to the development of natural gas resources in the Mediterranean.

The meeting also explored new opportunities for research and exploration for natural gas through a new global bidding round presented by the Natural Gas Holding Company (EGAS) via the Egypt Digital Exploration and Production Portal. This platform provides companies and investors with information about the offered areas and facilitates their participation.