Egyptian Natural Gas Holding Company (EGAS) and British Petroleum (BP) have signed a memorandum of understanding (MoU) to evaluate opportunities for drilling five new offshore exploration wells in the Mediterranean at depths ranging from 300 to 1,500 meters.

The program, expected to begin next year, aims to accelerate the development and production of Egypt’s natural gas reserves by leveraging existing infrastructure in the West Nile Delta region.

The agreement was signed at BP’s London headquarters in the presence of Petroleum and Mineral Resources Minister, Karim Badawi.

Following the signing, Minister Badawi emphasized that the agreement reflects the strength of Egypt’s partnership with BP, which spans more than six decades.

He noted that it aligns with the ministry’s strategy to expand exploration and production investments in natural gas, while reinforcing Egypt’s commitment to maintaining an attractive investment climate for international energy companies.

William Lin, BP’s Executive Vice President for Gas and Low Carbon Energy, underlined BP’s commitment to Egypt, stressing that the agreement builds on recent exploration momentum and will utilize BP’s technological expertise to bring new gas resources online quickly.

The MoU follows BP’s recent exploration successes in Egypt, including discoveries at the Fayoum-5 and King-2 wells, both part of the West Nile Delta project.