This exploration is part of a broader push for offshore drilling in the Mediterranean, which has seen increased activity over the past six months. Credit: Ceri Breeze/Shutterstock.

BP has discovered substantial oil and natural gas reserves in the King Mariout offshore block in the northern Mediterranean.

This discovery was confirmed by Egyptian Prime Minister Mostafa Madbouly during a press conference on Wednesday, reported Caliber, citing sources.

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The prime minister described the find as promising, with more detailed figures to be revealed in the near future.

The King exploration well is positioned close to BP’s current facilities and subsea pipelines in the West Nile Delta project.

This proximity will ease its integration into existing infrastructure, increasing gas production and aiding the Ministry’s plan to boost domestic energy output.

This exploration forms part of a broader push for offshore drilling in the Mediterranean, which has seen increased activity over the past six months.

Key operations involve Chevron’s drilling at the Khanjar-1 well, ExxonMobil’s activities at the Nefertari-1 well, BP’s progress at the Raven Field and Eni’s restart of drilling at the Zohr field.

BP’s successful drilling and preparation of two additional gas production wells at the Raven Field in the Mediterranean was confirmed by the Ministry of Petroleum and Mineral Resources earlier.

Offshore installations are currently being carried out to link these wells to existing networks. Gas production is expected to start this month.

After finishing operations at Raven, bp has shifted its drilling focus to the King exploration area in the Mediterranean.

The goal is to find natural gas in the Lower Miocene layer, with plans to reach the target reservoir by the end of this month.

In August last year, the Egyptian Natural Gas Holding Company (EGAS) initiated an international bidding round for exploration and exploitation of natural gas and crude oil across 12 blocks.

The offering comprises ten offshore and two onshore blocks in the Mediterranean and the Nile Delta.

BP and Abu Dhabi National Oil Company’s (ADNOC) international investments arm, XRG, recently finalised the creation of a new natural gas joint venture (JV), named Arcius Energy.

This JV, which will commence operations in Egypt, is a strategic move for ADNOC to extend its international footprint.

Arcius Energy is majority-owned by BP, with a 51% stake, while XRG holds the remaining 49%.