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Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi has reviewed bp Plc's projects and future investment plans in Egypt, according to a bourse statement.
During his meeting with Nader Zaki, bp's Regional President for the MENA region, and Wail Shaheen, Vice President of bp Egypt, Badawi discussed the company’s drilling program in Egypt.
Scheduled to commence this year, the program includes the drilling of new wells within bp’s concessions in the Mediterranean Sea in accordance with the agreement signed in London last September.
Badawi highlighted that the program aligns with the ministry's strategy to maximize gas exploration operations, affirming that the ministry is committed to providing all necessary support to overcome any challenges that may arise during the drilling process.
The minister and the company officials explored the available investment opportunities in the Western Mediterranean and the Red Sea and the possibility of extending bp's portfolio to include new concessions in these areas.
The meeting also addressed plans of Arcius, a joint venture (JV) between bp and the UAE's ADNOC.
For his part, Zaki reaffirmed bp’s commitment to fully leveraging Egypt's promising geological potential and to increase Arcius’ investments in developing Egypt's gas resources in the coming period.
