Petroleum Min. Discusses with BP Accelerating Exploration Work in Egypt

Karim Badawi, Minister of Petroleum held a meeting with Murray Ashkelonos, CEO of BP, at the company's headquarters; to discuss BP's exploration and production work and develop fields in its areas of operation in the Mediterranean Sea in order to increase production rates.

In this context, the Minister touched on the new incentive package recently launched by the petroleum sector with the aim of encouraging increased production of crude oil and natural gas, noting that these incentives include new mechanisms whose implementation is linked to achieving an increase in production over current rates, as well as an increase in exploratory and development drilling activities and production operations.

For his part, the Chairman of BP stressed the company's commitment to the agreed upon plans in the field of implementing exploration programs and drilling new wells in the company's concession areas in the Mediterranean Sea, and the two sides discussed the position of starting to implement exploration activities in the North King Mariout and Northwest Abu Qir areas, and the timing of drilling the Osiris-1 well in the Ras El Bar Marine Development Area during 2024/2025, as well as the commitment to drill a well in the Atoll Deep Development Area and North El Tabia.