bp Signed MoU to Expand Natural Gas Exploration in Nile Delta

SEATTLE (Oil Monster): bp announced that it has signed a Memorandum of Understanding (MoU) with Egypt towards expanding natural gas exploration in the West Nile Delta in the Mediterranean Sea. The MoU calls for drilling of five new offshore wells in depths ranging from 300 to 1,500 metres. The drilling of wells is scheduled to commence next year.

A high-level Egyptian delegation led by Egypt's Minister of Petroleum and Mineral Resources, H.E. Karim Badawi, attended the signing ceremony at BP's London headquarters.

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The exploratory campaign is intended to support Egypt's continuous attempts to increase the nation's natural gas production, the business claims. In order to effectively meet local energy needs, the recently drilled wells will be connected to the West Nile Delta's current production infrastructure.

By 2030, the project will assist BP in reaching its previously declared objective of producing 2.3 to 2.5 million barrels of oil equivalent day.

According to BP's Regional President for the Middle East and North Africa, Nader Zaki, the deal marks a significant turning point in the business's long-standing alliance with Egypt.