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British Petroleum intends to drill new wells in its oil concessions in the Mediterranean Sea this year as part of a multi-billion-dollar investment plan in Egypt’s hydrocarbon sector.
BP, one of the largest foreign investors in Egypt, outlined the drilling plan and fresh investments in the Arab country’s oil and gas industry at talks in Cairo on Tuesday with Egypt’s petroleum and mineral resources minister Karim Badawi.
In a statement published on the cabinet’s Facebook account, the ministry described the BP investment plan in 2026 as “ambitious”, adding that it is in line with an agreement signed by the two sides in London in September 2025.
“BP is committed to its historic partnership with Egypt in the oil sector…the company has an ambitious plan to maximize the utilization of promising geological potential in Egypt, and to increase investments in developing gas resources in Egypt in the coming period,” said Nader Zaki, BP’s regional president, Middle East and North Africa.
Badawi urged BP to invest in the Red Sea, which he said has a promising hydrocarbon potential, adding that the company should copy its success in the Mediterranean.
BP and other global oil giants have devised plans for the next five years to develop Egypt’s gas wealth and reverse a three-year decline in its production.
In comments just before the end of 2025, Badawi said the plans come as Egypt is recording an increase in its gas output for the first time in three years.
Badawi said foreign companies have been encouraged to intensify investments in Egypt’s hydrocarbon sector following a series of incentives announced by the government, including payment of their outstanding dues.
At an energy conference in London last year, Badawi unveiled plans to drill 480 new oil and gas exploration wells in Egypt over the next five years, with total investments exceeding $5.7 billion. He said BP and Italy’s Eni also plan to invest nearly $5 billion and $8 billion respectively in their concessions in Egypt.
In a recent report, the petroleum and mineral resources ministry said gas production increased in the third quarter of 2025 by around one percent for the first time in three years to reach nearly 4.2 billion cubic feet per day.
(Writing by N Saeed; Editing by Anoop Menon)
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