Egypt's PM confirms BP’s significant discovery in northern Mediterranean

British Petroleum (BP) has announced the discovery of significant oil and natural gas reserves in the King Mariout offshore block, located in Egypt's northern Mediterranean.

This finding was confirmed by Egyptian Prime Minister Mostafa Madbouly during a weekly press conference on February 5, Caliber.Az reports referring to international media outlets.

He called the discovery promising, noting that more detailed figures would be released soon. Madbouly also suggested that this could lead to further discoveries within the concession area.

Earlier, the Ministry of Petroleum and Mineral Resources confirmed BP’s successful completion of drilling and well preparation for two additional gas production wells at the Raven Field in the Mediterranean. Offshore installations are now underway to integrate these wells into the existing production networks, with gas production expected to commence in February 2025.

Following operations at Raven, BP’s drilling activities have moved to the King exploration area in the Mediterranean, where the project aims to uncover natural gas in the Lower Miocene layer. The target reservoir is anticipated to be reached by the end of February 2025.

The King exploration well, strategically located near BP’s existing facilities and subsea pipelines within the West Nile Delta project, will be integrated into the existing infrastructure, increasing gas production and supporting the Ministry’s strategy to enhance domestic energy output.

This exploration initiative is part of an ongoing push for offshore drilling in the Mediterranean, which has seen increased activity over the past six months. Notable operations include Chevron’s drilling at the Khanjar-1 well in the western Mediterranean, ExxonMobil’s work at the Nefertari-1 well, BP’s developments at the Raven Field, and Eni’s recent resumption of drilling at the Zohr field.

BP began its activities in Egypt in 1968. Since then, the company has become one of the largest foreign investors in the country, particularly focusing on oil and natural gas exploration and production in the Mediterranean Sea and the Nile Delta. BP has played a significant role in Egypt’s energy sector, contributing to both the development of gas reserves and the country’s overall energy infrastructure.

By Tamilla Hasanova