Raven field: two new gas wells drilled by BP

Egypt's energy landscape is about to receive a significant boost from BP Petroleum. The British company has revealed its intention to increase investment in the country to $5 billion over the coming years. The announcement underlines the pivotal role that Egypt plays in the global strategy of BP, which has been operating in the country for almost six decades with cumulative investments of more than $35 billion.

The Ministry of Petroleum and Mineral Resources announced on Sunday 12 January that BP had completed drilling two new wells in the Raven gas field in the Mediterranean. The work, which has been carried out using the Volaris DS-12 drillship since July 2024, marks a key step in boosting the country's gas production.

Efforts are currently focused on connecting the two wells to the Mediterranean production networks. According to the Ministry, gas production should begin in February 2025, three months ahead of schedule. This advance is attributed to an optimised and accelerated installation plan.

Speaking at EGYPES 2024, BP CEO Murray Auchincloss affirmed the company's commitment to Egypt: "We want to increase our investment in oil and gas exploration in Egypt, a key area for our operations. We also want to maximise the use of existing infrastructure to accelerate production and meet growing demand in the local market.

BP's ambitious plan includes an immediate injection of $1.5 billion into exploration activities and plans for further investment of up to $5 billion in the medium term.

BP is already a key player in the Egyptian gas sector, producing around 60% of the country's gas. This performance is based on solid partnerships with the Pharaonic Petroleum Company and Petrobel in the Nile Delta, as well as the West Nile Delta field.

With these new projects and a clear expansion strategy, BP confirms its role as a pillar of the Egyptian energy economy. These combined efforts will not only help to meet growing demand in Egypt, but will also strengthen the country's position as a regional energy hub.

As gas production from new wells at the Raven field approaches, Egypt is positioning itself as an example of international cooperation in the energy sector. BP's initiatives, combined with Egypt's infrastructure, herald a promising future for the country on the global energy scene.