BP, formerly known as British Petroleum, has announced the successful completion of drilling at the El King-2 exploratory well situated off the northern coast of Egypt, part of its campaign to develop resources within the West Nile Delta project.
The drilling operations commenced on January 14, 2025, using the Valaris DS-12 rig. During the work, BP encountered two potential Mesozoic reservoirs approximately 2,400 meters deep. The company expressed optimism about the findings, signalling potential growth for energy supplies.
Nader Zaki, BP's Vice President for the Middle East and North Africa, remarked, "This discovery reaffirms our commitment to investing in exploration and evaluating hydrocarbon resources to bolster energy security and economic growth in Egypt."
Following the completion of El King-2, BP reported the Valaris DS-12 will be redeployed to drill another exploratory well, named Faiyum-5, within the same northern Alexandria concession area.
Dr. Mostafa Madbouly, the Egyptian Prime Minister, celebrated the announcement, stating during a recent press conference, "This significant oil discovery in the King Mariout area showcases the government's efforts to meet the financial obligations to foreign partners, facilitating their expansion and exploration activities. The returns from these investments are becoming apparent now."
Madbouly also highlighted the government's approval of five petroleum commitment agreements with the Egyptian General Petroleum Corporation and other international companies, promoting new investments and increased production rates.
These agreements are set to generate minimum investments of around $225.3 million and include plans to drill at least 40 wells for gas and crude oil exploration. Key areas include the marine corridor off the Mediterranean coast and several locations throughout the western and southeastern deserts of Egypt.
Wail Shaheen, BP’s regional vice president for Egypt, emphasized the company’s goal of maximizing production from current resources. He added, "Our focus is on exploring new opportunities and leveraging our existing infrastructure to support gas supplies, meeting the growing local demand, and strengthening Egypt's role as a major energy partner in the region."
With strategic alliances and investments poised to accelerate the pace of this development, BP's efforts may not only lead to heightened production levels but also assure long-term benefits for Egypt’s burgeoning economy. Keeping the lights on, so to speak, is part of BP's mission, as much as it is to provide for the future of local industries heavily dependent on consistent energy sources.
These developments come at a pivotal time. The mid-2020s present new challenges and opportunities for Egypt's energy sector, challenging longstanding assumptions about the country's potential as a resource-rich territory. BP’s plans represent one facet of larger continental efforts to tap the Mediterranean’s vast oil and gas reserves, marking Egypt as increasingly pivotal.
This positive momentum, backed by government support and the structure of private investments, presents important signals for the energy industry, indicating more exploration and drilling await on Egypt’s shores, which could leave lasting impacts on both domestic and international markets.