EGAS, BP sign MoU to drill five wells in Mediterranean Sea

Core Points - EGAS, the state gas company of Egypt, has signed a memorandum of understanding (MoU) with bp to drill five new gas wells in the Mediterranean Sea, highlighting a partnership that has lasted over six decades [1][3] - The drilling campaign is set to begin in 2026 and will explore depths between 300m and 1,500m, aiming to expedite the establishment of reserves using existing infrastructure [2][4] - This collaboration follows bp's recent successful discoveries at the Fayoum-5 and King-2 wells in the West Nile Delta, indicating a strategic investment in Egypt's energy sector [3] Industry Developments - The MoU was signed in the presence of key executives from bp, including CEO Murray Auchincloss and regional president Nader Zaki, emphasizing the importance of this agreement [2] - Zaki stated that the memorandum represents a strategic step in developing additional gas resources in the West Nile Delta to meet local market needs [3] - Earlier in February, EGAS announced plans for seven gas development projects and the introduction of 24 new wells in fiscal years 2025 and 2026, aligning with the ministry's strategy to optimize Egypt's petroleum resources [4]