During his meeting with bp CEO Bernard Looney, Minister of Petroleum and Mineral Resources Tarek El Molla lauded the company’s plans to pump large investments with its partners in the field of natural gas in its areas of operation during the next three years.
This is a message of confidence in the investment climate in the Egyptian economy, especially in the oil and gas sector, El Molla elaborated.
The meeting, which took place in the presence of bp’s Regional President for the Middle East and North Africa Nader Zaki and a delegation from the company, focused on bp’s keenness to boost natural gas investments in the Mediterranean and reviewed the progress of its exploration and drilling activities.
In this context, Looney stated that the volume of investments that the company will pump in Egypt with its partners in the field of exploration and development of natural gas resources amounts to about $3.5 billion over the next three years and is likely to double if it succeeds in making new discoveries.
The British company intends to drill four new exploration wells for natural gas in Q4 of 2023, two wells in the Raven field, west of the Mediterranean, in the north of Alexandria, and two wells in the North King Mariut and northwest of Abu Qir in the Mediterranean, which are the most recent areas to which the company directed its investments.
During the meeting, the two sides affirmed their aspiration to advance cooperation in implementing solutions to reduce emissions, invest in renewable energy, and produce hydrogen.
At the end of the meeting, Looney presented a commemorative shield to El Molla on the occasion of the company’s 60th anniversary in Egypt and its partnership with the oil and gas sector.
