Karim Badawi, Minister of Petroleum and Mineral Resources, inspected the Valaris DS-12 drilling rig, recently arrived in Egypt to launch a programme drilling five new natural gas wells in the Mediterranean Sea for BP and Arcius Energy, the joint investment venture between BP and Abu Dhabi’s ADNOC. The programme aligns with Egypt’s broader strategy to gradually raise domestic gas production and reduce reliance on imports amid rising global gas costs. He added that the commitment of international companies to these drilling initiatives reflects confidence in Egypt’s petroleum investment climate, strengthened by reforms and incentives. The programme will see the Fayoum 4, Ghareb, and Rw wells drilled for BP, while Arcius Energy will develop the Atoll West and Nefertari exploratory wells. He also welcomed Arcius Energy’s choice of Egypt as the starting point for its operations and as a hub for regional growth in the energy sector.

Source: Daily News Egypt March 28, 2026 18:13 UTC