British Petroleum to begin production from new well in Egypt by Q1 2025

Auchincloss also revealed that the company plans to begin production from multiple wells in the near future.

Prime Minister Mostafa Madbouly assured that the government is working swiftly to settle the remaining dues to BP, which has been operating in Egypt for 60 years and has invested more than $30 billion.

In May, the Egyptian government revealed that it had cleared outstanding payments to several oil companies, facilitating the resumption of drilling activities.

Madbouly further highlighted BP's ambitious plan to explore oil and gas across six concession areas in the country.

During the meeting, Karim Badawy, Egypt’s minister of petroleum and mineral resources, discussed with BP officials how to accelerate production and set timelines for starting production from additional wells and fields in BP’s concession areas.

In 2024, BP and the UAE’s Abu Dhabi National Oil Company (ADNOC) will form a joint venture to develop Egypt’s gas assets, with BP holding a 51 percent stake.

In 2023, BP announced plans to invest $3.5 billion in gas exploration in Egypt over the next three years, which includes drilling four wells in the fourth quarter of 2023.