Petroleum Ministry: BP, Harbor Energy Sign Agreement To Accelerate Development Of Gas, Oil Reserves In Mediterranean

Petroleum Minister Karim Badawi witnessed the signing of agreement between the Egyptian General Petroleum Corporation (EGPC), the Egyptian Natural Gas Holding Company (EGAS), and international partners BP and Harbor Energy to establish an executive framework for developing oil and gas reserves in North King Mariout and the Arish field in the Mediterranean, aiming to boost production rates.

According to a statement by the Ministry of Petroleum, the agreement will enable joint development of the Arish field under the North Alexandria concession with EGPC and the North King Mariout area under EGAS, to maximize economic returns through operational integration between the two areas.

The memorandum was signed by Salah Abdel Karim, CEO of EGPC, Sayed Selim, Managing Director and CEO of EGAS, Wael Shaheen, Chairman of BP Egypt, and Sameh Sabry, Executive Director of Harbor Energy for the Middle East and North Africa region.

Following the signing, the minister said this move reflects integrated efforts with investment partners to accelerate gas production projects under the sector’s five-year plan, while also unlocking untapped discoveries.

He added that the partnership is built on strong collaboration and teamwork, highlighting its proven success in managing assets in North Alexandria and West Nile Delta.

He emphasized that this cooperation has significantly improved performance and results, and stressed the importance of expanding it further.

He also highlighted the need for continued technical coordination between all field teams, including drilling engineers, to enhance operational efficiency, speed up development plans, and achieve stronger outcomes in the coming phase.MENA