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oilmonster
Natural Gas September 05, 2023 01:38:06 AM

BP Plans to Drill Four Natural Gas Exploration Wells in Egypt

Anil
Mathews
OilMonster Author
BP and its natural gas partners also plan to invest $3.5 billion over three years to explore and develop natural gas resources in Egypt.
BP Plans to Drill Four Natural Gas Exploration Wells in Egypt

SEATTLE (Oil Monster): BP plc is planning to drill four natural gas exploration wells in Egypt in the fourth quarter of 2023.

Of the total, two wells are situated at the Raven gas field in the North Alexandria Concession. The remaining wells will be drilled at the King Mariout offshore exploration block.

BP and its natural gas partners also plan to invest $3.5 billion over three years to explore and develop natural gas resources in Egypt.

Egypt has been progressing toward developing the energy sector and positioning itself as an energy hub. The Egypt government intends to drill 45 natural gas exploratory wells in the Mediterranean and the Nile Delta, with $1.9 billion in investments until mid-2025.

The program aims to drill 35 wells for gas exploration to increase the field’s capacity, with 10 wells to be drilled between July 2022 and June 2023. In 2023, Egypt expects to produce 8 million tons of liquified natural gas, a year-over-year increase of more than 6.5%.

BP is working to diversify cooperation opportunities with Egypt, including capacity building, emission-reduction projects, sustainable energy projects and hydrogen projects. The latest move addresses BP’s interest in increasing its business and investments in the natural gas field in the Mediterranean region.

BP has been contributing to Egypt’s growth for six decades. It produces around 60% of the country’s gas. Expanding its business scope in Egypt validates BP’s long-term commitment to the country.

Last year, BP signed a memorandum of understanding with the government of Egypt to explore the possibilities for building a renewable hydrogen production facility in the country. BP will assess the technical and commercial feasibility of developing a large-scale green hydrogen export hub in Egypt.

Courtesy: www.nasdaq.com


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