The British firm British Petroleum (BP) is one of Egypt’s key players in the oil and gas sector.
Present for 60 years in this North African country, the company has invested more than 30 billion dollars, thus contributing to the energy development of the region.
This Monday, December 2, 2024, Egyptian Prime Minister Moustafa Madbouly met with BP CEO Murray Auchincloss.
The meeting took place in the presence of Nader Zaki, head of the Middle East and North Africa region for BP, as well as the Minister of Petroleum and Mineral Resources, Karim Badawi.
During this meeting, BP reaffirmed its ambition to continue oil and gas exploration in Egypt, targeting six promising new concession areas.
British firm British Petroleum has big ambitions for oil and gas in Egypt
According to BP CEO Murray Auchincloss, his company has remained loyal to Egypt despite periods of economic difficulty. He explains this loyalty by the energy potential of the country.
“Egypt has many oil and gas resources”he declared.
During this Monday’s meeting, the CEO presented to the Egyptian government his firm’s projects for the period 2025-2027.
These projects aim to increase oil and gas production in Egypt, in particular through the commissioning of new wells. One of these wells is expected to begin producing in the first quarter of next year.
Egyptian Prime Minister Moustafa Madbouly expressed his gratitude to BP for its continued engagement in Egypt. He reiterated the State’s support for companies in the energy sector, in particular through incentive measures.
Madbouly said he was optimistic about the future of cooperation with BP. He stressed the importance of this collaboration for Egypt’s energy and economic development.
Karim Badawi, Egyptian Minister of Oil, for his part, discussed ways to accelerate oil production with BP officials.
