Cairo: Egypt's state gas company EGAS has formalized a memorandum of understanding with BP to explore and drill five new gas wells in the Mediterranean Sea. The petroleum ministry disclosed in a statement that this agreement was signed at BP's London headquarters and was witnessed by Egyptian Petroleum Minister Karim Badawy. The planned exploration covers depths between 300 to 1,500 meters, with drilling anticipated to commence next year. Any new discoveries may be integrated into the existing infrastructure in the West Nile Delta.

According to State Information Service Egypt, the signing ceremony was attended by BP's Chief Executive Murray Auchincloss, along with senior executives including Executive Vice President for gas and low carbon energy, William Lin, and Regional President for the Middle East and North Africa, Nader Zaki. The drilling program aims to accelerate the development of reserves by utilizing existing facilities.

Minister Badawy remarked that the agreement with BP underscores a partnership that has endured for over six decades and emphasized Egypt's commitment to fostering an attractive investment climate for global energy firms. BP, through its Executive Vice President William Lin, reiterated its dedication to Egypt's gas sector, aiming to capitalize on recent exploration successes to boost resource development and production.

The new agreement comes on the heels of BP's recent discoveries at the Fayoum-5 and King-2 wells in the West Nile Delta.