Egypt Signs Agreement with BP, Harbour Energy to Develop Mediterranean Oil, Gas

Egypt signed a new agreement with global energy companies BP and Harbour Energy to advance oil and gas development in the Mediterranean, in a move aimed at boosting production and maximizing returns from existing reserves.

The memorandum of understanding was signed under the patronage of Minister of Petroleum and Mineral Resources Karim Badawi. It brings together the Egyptian General Petroleum Corporation and the Egyptian Natural Gas Holding Company alongside international partners to establish an executive framework for developing reserves in the North King Mariout area and the Arish offshore field in the Mediterranean Sea.

Under the agreement, joint development will focus on the Arish field by integrating operations between the North Alexandria concession, affiliated with the Egyptian General Petroleum Corporation, and the North King Mariout area, operated by EGAS. The approach aims to enhance operational efficiency and deliver optimal economic returns through coordinated development.

The signing was attended by senior industry executives, including Wael Shaheen and Sameh Sabry, along with key government officials and technical leaders.

Speaking after the signing, Minister Badawi emphasized that the agreement aligns with Egypt’s broader strategy to accelerate gas production projects under its five-year sector plan. He highlighted the importance of leveraging strong partnerships with international investors to unlock untapped discoveries and strengthen output capacity.

The minister also underscored the success of ongoing collaborations in the North Alexandria and West Nile Delta regions, noting that such partnerships have significantly improved operational performance and delivered tangible results. He called for continued technical coordination among teams, including drilling engineers, to enhance efficiency, expedite development plans, and sustain positive momentum in the sector.