The Egyptian General Petroleum Corporation (EGPC) and the Egyptian Natural Gas Holding Company (EGAS) have signed a Heads of Agreement (HoA) with both  British Petroleum (bp) and Harbour Energy to establish the executive framework for developing oil and gas reserves in the North King Mariout area and the El Arish field in the Mediterranean.

According to the agreement, both companies would work on the development of the El Arish field under EGPC’s North Alexandria concession and the North King Mariout area under EGAS, aiming to maximize economic returns through integrated operations between the two sites, the Ministry of Petroleum and Mineral Resources (MoPMR) announced on May 7.

During the signing ceremony, Karim Badawi, Minister of Petroleum and Mineral Resources, said the agreement reflects ongoing cooperation with international partners to accelerate gas production projects as part of Egypt’s five-year plan to boost output and capitalize on untapped discoveries.

The ministry plans to drill 480 new oil and gas exploration wells by 2030, including 101 wells scheduled for this year across Egypt’s main petroleum regions.

Badawi also praised the long-standing partnership between the parties, highlighting successful cooperation in projects across the North Alexandria and West Nile Delta areas.

This agreement followed talks of Badawi on May 6 with Ann Davies, Senior Vice President for Wells at bp, along with Wael Shaheen, Vice President of bp Egypt during which they reviewed the ongoing progress of the company’s drilling programs for new natural gas wells in the  Mediterranean, where the Valaris DS-12 rig recently began operations. bp has pledged to invest $5 billion in Egypt over the next five years,

Meanwhile, Harbour Energy made the first gas discovery in the Nile Delta in two years at the North Sidi Ghazy 1-9 well in the Disouq field. The company has strengthened its portfolio in the country after acquiring Wintershall Dea’s upstream assets in a $11.2 billion deal in late 2024, gaining interests in the West Nile Delta project alongside bp and operatorship of the Disouq gas field.