Egypt’s Petroleum Min inspects rig for 5 new Gas wells as BP, Arkeus boost investments

Egypt’s Minister of Petroleum Karim Badawi inspected the drilling vessel Valaris DS-12 on Saturday. The vessel has arrived to begin drilling five new natural gas wells in the Mediterranean for BP and Arcius Energy, a joint venture between BP and UAE’s ADNOC Group.

Valaris DS-12 is scheduled to drill BP’s Fayoum 4, Gharab, and RW wells, alongside Arcius Energy’s Atol West and Novret exploratory wells. The Fayoum 4 well is expected to start production in July at around 100 million cubic feet per day, to support domestic gas supply during the summer and help reduce Egypt’s gas import costs.

The minister highlighted that international companies’ commitment to drilling reflects confidence in Egypt’s petroleum investment climate, strengthened by ongoing reforms and incentive policies, including the regular settlement of partner dues, expected to be fully completed by next June. These measures aim to encourage new investments, particularly in promising exploration areas.

Badawi praised BP as one of Egypt’s largest natural gas investors and a strategic partner for over 60 years, noting the company plans to invest approximately $1.5 billion in exploration and gas field development during the 2026/2027 fiscal year. He also commended Arcius Energy for choosing Egypt as a regional hub for its operations.

Attribution: Amwal Al Ghad English