EGAS and bp have signed an MoU to drill five new gas wells in the Mediterranean Sea, focusing on exploring opportunities at varying water depths. The drilling campaign is set to start in 2026, aiming to connect any discoveries with existing infrastructure in the West Nile Delta. The deal reflects a long-standing partnership between the two companies and aligns with Egypt’s energy sector investments.

The agreement was signed at bp’s London headquarters in the presence of Egyptian Petroleum Minister Karim Badawy. The deal aims to expedite the establishment of gas reserves in the region by utilizing existing facilities. The MoU signing ceremony was attended by top officials from bp, highlighting the strategic importance of the collaboration for Egypt’s energy sector.

The collaboration follows bp’s successful discoveries at the Fayoum-5 and King-2 wells in the West Nile Delta. EGAS has announced plans to implement seven gas development projects and introduce 24 new wells into its production framework by fiscal years 2025-26. This aligns with Egypt’s strategy to optimize its petroleum resources and meet local market needs effectively.

Read more at Yahoo Finance: EGAS, BP sign MoU to drill five wells in Mediterranean Sea