Egypt's state gas company EGAS signed a memorandum of understanding with BP on Monday to explore and drill five new gas wells in the Mediterranean Sea, the petroleum ministry said in a statement. The agreement, signed at BP's London headquarters and witnessed by Egyptian Petroleum Minister Karim Badawy, covers exploration at depths ranging from 300 to 1,500 metres. Drilling is expected to begin next year, with the possibility of linking any new discoveries to existing infrastructure in the West Nile Delta. BP Chief Executive Murray Auchincloss and senior executives attended the ceremony alongside Executive Vice President for gas and low carbon energy, William Lin and Regional President for the Middle East and North Africa. Nader Zaki. The ministry said the drilling programme is aimed at accelerating the development of reserves by leveraging existing facilities. "The agreement with BP reflects the strength of a partnership spanning more than six decades," Badawy said, highlighting the company's recent exploration successes in Egyptian waters. He added that Cairo remains committed to creating an attractive investment climate for global energy firms. William Lin, BP's executive vice president for gas and low-carbon energy, said the deal renews the company's commitment to Egypt's gas sector. BP is working to build on recent momentum to add new resources and accelerate production, he added. The agreement follows BP's recent discoveries at the Fayoum-5 and King-2 wells in the West Nile Delta. Attribution: Amwal Al Ghad English
