JEDDAH: Egypt has signed a new offshore drilling contract with BP and US-based Valaris for five gas wells in the Mediterranean Sea, as it accelerates efforts to boost output and attract foreign investment.
Petroleum Minister Karim Badawi witnessed the signing of the agreement, which marks the launch of BP’s latest drilling program in Egypt. The project will target five natural gas wells at depths ranging from 300 to 1,500 meters, using the Valaris 12-DS deepwater drilling rig, the ministry said in a statement.
The initiative aligns with the Ministry of Petroleum and Mineral Resources’ strategy to boost international investment and broaden exploration efforts in the North African nation. It also continues BP’s more than 60-year partnership with Egypt’s petroleum sector as a major partner in oil and gas exploration and production.
“BP is one of the petroleum sector’s most important strategic partners in natural gas production,” the ministry quoted Badawi as saying.
He added that recent gas production projects in the Mediterranean have been “pivotal in increasing domestic gas production and securing new resources during peak summer consumption.”
