BP to boost Egypt's gas production by 200M cubic feet per day

The British energy giant BP is set to ramp up gas output in Egypt, boosting production by approximately 200 million cubic feet of gas and 8,000 barrels of condensate daily from the Raven field in the Mediterranean come October.

 

This move, confirmed by a government source speaking to Asharq Bloomberg, follows BP's hefty investment of over $400 million in drilling two wells in the fiscal year 2024\2025.

 

The initial well is slated to commence production next October, aiming for a daily output of around 200 million cubic feet. Subsequently, operations at the second well are scheduled to kick off in February, targeting a similar daily volume of 200 cubic feet.

 

This acceleration was a result of a pact with Egypt's Minister of Petroleum and Mineral Resources, Karim Badawi, to fast-track the drilling process and integration of the wells into the production network.

 

In exchange for this commitment, the Egyptian government pledged to honor BP's financial obligations according to the agreed-upon timetable. Notably, the government disbursed $1.3 billion to foreign oil and gas firms operating within the country by the end of June, as revealed by Prime Minister Mostafa Madbouly during a recent press briefing.