British oil and gas company bp is planning to drill four wells for natural gas exploration in Egypt during the fourth quarter of this year, reported Egypt Independent, citing the Egyptian Minister of Petroleum and Mineral Resources Tarek al-Molla.
Of the four wells, two are located at the Raven gas field in the North Alexandria Concession. The other two wells are due to be drilled at the King Mariout offshore exploration block.
Furthermore, bp, together with its natural gas partners, plans to invest around $3.5bn (£2.7bn) over a period of three years in exploration and development of natural gas resources in Egypt.
The announcement comes after a meeting between bp chief executive Bernard Looney with Egyptian President Abdel Fattah El Sisi.
Sisi and the British company are also considering promoting cooperation in the implementation of solutions to reduce emissions and on investment in green and renewable energy and hydrogen production.
In a Facebook post, Egypt Ministry of Petroleum and Mineral Resources said: “The meeting also addressed the interest of the British company to increase its business and investments in the natural gas field in the Mediterranean region following the successes it has witnessed and the flow of investments of major global companies to it.”
Earlier this year, UAE state news agency WAM reported that Egypt was planning to invest $1.8bn (E£55.62bn) to drill new gas wells as part of offshore exploration in the Mediterranean Sea and the Nile Delta.
The programme aims to drill 35 wells for gas exploration from this year to July 2025.