BP to evaluate potential five-well drilling programme in Mediterranean

(Alliance News) - BP PLC on Tuesday agreed with the Egyptian government to evaluate potential opportunities for a five-well drilling programme in the Mediterranean Sea.

The London-based oil major said it signed a memorandum of understanding in Egypt for a programme designed to accelerate the development and production of national gas reserves, which is intended to extend the use of existing production facilities in the West Nile Delta.

Drilling operations for the programme at water depth ranging from 300 to 1,500 are expected to start in 2026, with possible tie-back options after evaluation of the drilling campaign and resource potential.

"Today’s announcement reaffirms our commitment to supporting investment in Egypt's gas sector.  We appreciate the continued engagement and support from Minister Karim Badawi.  We look forward to applying BP's technological expertise to build on our recent exploration and development momentum to bring on new gas resources and accelerated production for the country as well as deliver value for our business," said William Lin, executive vice president for gas and low carbon energy at BP.

The agreement follows BP's plans to increase production to a range of 2.3 million to 2.5 million barrels of oil equivalent a day in 2030, with the capacity to grow production out to 2035.

It also follows an exploration campaign in the first half of 2025 which made 10 discoveries, including two in Egypt.

Shares in BP were down 0.8% at 419.60 pence in London on Wednesday morning. The stock has risen 5.6% over the past year.

By Emily Parsons, Alliance News reporter

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