Cairo: Minister of Petroleum and Mineral Resources Karim Badawi on Saturday inspected the “Valaris DS-12” drilling rig, which recently arrived in Egyptian waters. The rig is set to launch a strategic program to drill five new natural gas wells in the Mediterranean Sea for British energy giant BP and Archeos Energy-a joint venture between BP and the UAE’s ADNOC.
According to State Information Service Egypt, the minister emphasized that accelerating drilling activities is a top priority for the Ministry. This strategy aims to uncover new exploratory horizons and bolster production from existing fields in collaboration with investment partners. The initiative is designed to incrementally increase domestic production and alleviate the economic pressure caused by high gas import costs.
Minister Badawi noted that the commitment of international firms to these drilling programs reflects deep-rooted confidence in Egypt’s petroleum investment climate. He mentioned that this trust is further supported by a suite of reforms and incentive policies, including the regular payment of partner dues, with settlements expected to be fully finalized by late June, and new incentives for exploration in promising areas.
During his visit, the minister toured the vessel to assess its readiness. The drilling plan includes the ‘Fayoum 4,’ ‘Garab,’ and ‘RW’ wells for BP, as well as the exploratory wells ‘Atoll West’ and ‘Nofrit’ for Archeos Energy. The Fayoum-4 well is slated to begin production in July with an estimated output of 100 million cubic feet of gas per day. This timely addition will support domestic supplies during the peak summer season, meeting the rising demand for electricity generation and further reducing the import bill.
Minister Badawi praised BP as a strategic partner with over 60 years of history in Egypt, highlighting the company’s ambitious expansion plans. BP is scheduled to inject approximately $1.5 billion in new investments into Egypt during the 2026/2027 fiscal year, specifically targeting exploration and the development of gas fields.