Egypt's state-run General Petroleum Corporation (EGPC) signed an agreement on Wednesday to extend the development contract for the Baltim East field in the Nile Delta with Italy's Eni and Britain's BP, the petroleum ministry said. The five-year extension will allow both companies to ramp up investment and operations in the field, targeting new gas discoveries through advanced technologies while leveraging existing infrastructure to speed up and cut the cost of development. Petroleum Minister Karim Badawy said the deal supports Egypt's strategy to boost domestic oil and gas output and meet growing local demand by expanding exploration and development in offshore areas. BP Egypt President Wail Shaheen said the agreement represents a key step toward accelerating development and improving efficiency through closer collaboration with partners. He added that the use of existing infrastructure will help fast-track production and maximise the value of Egypt's energy resources. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
