BP has signed a memorandum of understanding (MoU) to explore opportunities for drilling five offshore wells in the Mediterranean Sea, in water depths ranging from 300 to 1,500 meters. The initiative is part of a broader effort to accelerate the development and production of Egypt's natural gas reserves, while optimizing the use of existing infrastructure in the West Nile Delta region. Drilling operations are scheduled to begin in 2026, with the potential to tie in the wells following a comprehensive evaluation of the reservoir and drilling results. The MoU was signed during an official visit to BP's headquarters in London by Karim Badawi, Egypt's Minister of Petroleum and Mineral Resources; Ashraf Sweilam, Egypt's Ambassador to the United Kingdom; and Samir Raslan, Undersecretary for Exploration and Agreements at the Ministry of Petroleum and Mineral Resources. During the visit, the Egyptian delegation met with Murray Auchincloss, BP CEO; William Lin, Executive Vice President for Gas and Low Carbon Energy; Nader Zaki, Regional President for the Middle East and North Africa; and Wael Shaheen, President of BP Egypt. "This cooperation reaffirms our commitment to investing in Egypt's gas sector," said William Lin. "We aim to leverage BP's technological expertise to build on recent exploration momentum and accelerate gas production for Egypt, while delivering value for our shareholders." Nader Zaki added: "This MoU marks a strategic milestone in our decade-long investment plans for Egypt's energy sector. It will enable the development of additional gas resources in the West Nile Delta and bring them online as quickly as possible to meet domestic demand." The agreement supports BP's broader strategy to increase production to between 2.3 and 2.5 million barrels of oil equivalent per day by 2030, with potential for further growth through 2035. It follows a successful exploration campaign in the first half of 2025, during which BP made ten discoveries—two of them in Egypt. These include the Fayoum-5 and King-2 gas wells, both part of the West Nile Delta development project.
