BP invested more than $400 million in drilling two wells during FY2024\2025, the official added.
The British company BP intends to increase gas production in Egypt by about 200 million cubic feet of gas and 8,000 barrels of condensate per day from the Raven field in the Mediterranean next October, according to a government official who spoke to Asharq Bloomberg.
BP invested more than $400 million in drilling two wells during FY2024\2025, the official added.
The first well is entering production next October with a production volume estimated at about 200 million cubic feet per day, and production operations in the other well will begin next February with a daily volume estimated at about 200 feet Cube.
This followed an agreement with Minister of Petroleum and Mineral Resources, Karim Badawi, to expedite the drilling of two wells in the Raven field and connect them to production.
In return, the Egyptian government committed to settling BP’s dues as per the established schedule.
The Egyptian government paid $1.3 billion in payments to foreign oil and gas companies operating in the country at the end of June, according to a statement by Prime Minister, Mostafa Madbouly, in a press conference last week.
