BP invested more than $400 million in drilling two wells during FY2024\2025, the official added.
This is reflected in allocating a portion of the revenues resulting from the increase above the current production level to offset part of the partners’ dues.
The company plans to speed up drilling operations as soon as the driller arrives next October.
During this meeting, Badawi emphasized that the top priority for the petroleum sector is to increase production, meet the needs of the local market, and reduce the pressure on the import bill.
Lohia highlighted the company's target to finalize initial preparations for the venture by the close of 2024, with full-fledged implementation slated for 2025.
