British oil giant BP has made a significant new oil and gas discovery in the King Mariout block in the Mediterranean Sea, Egypt's Prime Minister Mostafa Madbouly told a televised press conference on Wednesday.
This announcement marks a major step forward for the Egyptian energy industry, strengthening the country's position as a regional energy hub. The discovery could help ease the pressure on domestic hydrocarbon production as Egypt faces growing energy demand.
Madbouly added that further details of this discovery would be announced shortly, underlining the strategic importance of this breakthrough for the country's economy.
This discovery comes at a time when Egypt is seeking to optimise its energy sector and attract new foreign investment. The Mediterranean Sea is a key area for oil and gas exploration in the country, with several major international companies engaged in exploration and development campaigns.
With this new find, BP is strengthening its commitment to Egypt, continuing a long tradition of partnership and investment in the country's energy sector. The announcement of technical details and production forecasts will be crucial in assessing the impact of this discovery on the country's export and domestic supply capacities.
