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Badawi Inspects Valaris DS-12 as bp,Arcius Launch Mediterranean Drilling Campaign
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egyptoil-gas
Karim Badawi, Minister of Petroleum and Mineral Resources, inspectedthe Valaris DS-12 drilling vessel, which has recently entered Egypt’s territorial waters to begin a five-well natural gas exploration program in the Mediterranean for both the British energy giant bp and Arcius Energy, the Joint Venture (JV) between bp and the UAE ADNOC Group.
According to Badawi, the investment commitments by International Oil Companies(IOC) reflect their confidence in the Egyptian investment climate, following a set of strategic reforms, on top of which come the regular payments of dues to IOCs. Last week, Badawi said all the dues will be fully settled by June.
The minister toured the vessel to check its readiness, as it aims to carry out drilling operations for the Fayoum 4, Ghorab, and Raven West (RW) wells for BP, in addition to the two exploratory wells: Atoll West and Nofret for Arcius Energy.
During his tour of the drillship, the Minister reviewed plans for five upcoming Mediterranean wells. The program includes drilling at bp’s Fayoum 4, Ghorab, and Raven West sites, alongside two exploration wells at Arcius Energy’s Atoll West and Nofret prospects.
Scheduled to begin production in July 2026, the Fayoum 4 well will contribute approximately 100 million cubic feet per day (mmcf/d) to the domestic market. This output will help meet the seasonal spike in electricity demand during the summer months and reduce reliance on costly gas imports.
The British company plans to invest around $1.5 billion in Egypt during the fiscal year (FY) 2026/27 in the domains of exploration and gas field development.
Badawi lauded bp as a cornerstone of Egypt’s energy sector, noting its status as one of the nation’s largest investors in natural gas. He celebrated a strategic partnership spanning over 60 years, affirming that bp’s ambitious new Mediterranean drilling program is a testament to its enduring commitment to expanding Egypt’s resource base.
Moreover, Badawi praised Arcius Energy’s choice of Egypt as a launching point for its operations and a hub for expansion in the region’s markets.
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