Cairo, Egypt – BP, a global energy giant, is ramping up its operations in Egypt as the country seeks to bolster its energy sector. In a recent meeting with Egyptian officials, BP unveiled plans to expedite production from multiple wells and fields across its concession areas.

Prime Minister Mostafa Madbouly assured BP that the government is committed to settling outstanding dues, facilitating a smoother operational environment for the company. This commitment follows the Egyptian government's successful clearance of payments to several oil companies earlier this year, which led to the resumption of drilling activities.

BP's ambitious exploration plans extend across six concession areas in Egypt. The company, which has been operating in the country for six decades, has invested over $30 billion. In 2024, BP is set to form a joint venture with the UAE's ADNOC to further develop Egypt's gas assets, with BP holding a majority stake.

To accelerate production and maximize output, BP and Egyptian officials, including Minister of Petroleum and Mineral Resources Karim Badawy, are collaborating to set timelines for starting production from additional wells and fields.

BP's significant investment of $3.5 billion in gas exploration over the next three years underscores its commitment to Egypt's energy future. The company plans to drill four wells in the fourth quarter of 2023 as part of this investment drive.

[ⓒ Global Economic Times. 무단전재-재배포 금지]