Egypt Signs Deal with bp and Harbour Energy to Boost Mediterranean Gas Production

SEATTLE (Oil Monster): Egypt has signed a new energy development agreement with bp and Harbour Energy aimed at accelerating oil and natural gas production in the Mediterranean region and strengthening the country’s long-term energy security strategy.

The Egyptian General Petroleum Corporation (EGPC) and the Egyptian Natural Gas Holding Company (EGAS) signed a Heads of Agreement with the two companies to establish the executive framework for developing reserves in the North King Mariout area and the El Arish field.

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The agreement will support integrated operations between the two Mediterranean sites in an effort to maximize production efficiency, reduce development costs and improve economic returns from existing reserves.

Egyptian Petroleum Minister Karim Badawi said the project aligns with Egypt’s five-year strategy to boost domestic gas output and accelerate the commercialization of untapped discoveries.

Egypt plans to drill 480 new oil and gas exploration wells by 2030, including 101 wells scheduled for 2026. The agreement also follows bp’s pledge to invest $5 billion in Egypt over the next five years.

Meanwhile, Harbour Energy recently expanded its Egyptian operations after acquiring Wintershall Dea’s upstream assets in a major $11.2 billion transaction completed in late 2024.