RE: Trading8 Sep 2025 23:38
For good or bad, we are in the club. Namibia info at the end.
BP signs preliminary deal to drill five Mediterranean gas wells offshore Egypt
BP (NYSE:BP) signed a memorandum of understanding with state-owned Egyptian Natural Gas Holding Company to drill five new deepwater gas wells in the Mediterranean Sea, Egypt's Petroleum Ministry said Monday, according to Reuters.
The MoU comes as Egypt seeks to boost the country's exploration and production, which plunged 40% in May to 3.54B cm from March 2021, according to the report.
Drilling of the wells, at depths of 300-1,500 meters, is expected to start next year, the ministry said.
BP (NYSE:BP) is currently reviewing how to spend its $13B-$15B annual capital spending budget, given new projects in Azerbaijan, Iraq, Libya, and Abu Dhabi and exploration successes in Brazil and Namibia.
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