BP plans to boost drilling investments in Egypt in 2026

UK energy major BP (LSE:BP) plans to increase its investments in Egypt by implementing new drilling programmes in 2026 and fast-tracking production from recent discoveries, Al Ahram reported on January 7.

The plans were discussed during a meeting between Egyptian Minister of Petroleum and Mineral Resources Karim Badawi and BP’s regional head, Nader Zaki, alongside BP Egypt’s regional vice president, Wael Shahin.

The meeting reviewed progress on the Fayoum and King discoveries, made in 2025, and discussed ways to accelerate linking both finds to production to support domestic gas output. Talks also covered investment opportunities in the West Mediterranean and Red Sea, which were described as promising areas for expanding BP’s portfolio through new concessions.

BP’s upcoming programme includes drilling new wells in its Mediterranean concession areas, in line with an agreement signed with Egypt last September.

Badawi said the new drilling programme is part of the ministry’s strategy to expand gas exploration activities, noting that the government is committed to providing full support to overcome any challenges facing drilling operations.

In addition, discussions included the plans of Arcius, a joint venture between BP and Abu Dhabi National Oil Company (ADNOC), with an agreement to hold workshops to explore potential opportunities.

BP previously signed a memorandum of understanding with the Egyptian petroleum ministry to assess drilling five deepwater wells in the Mediterranean, at depths ranging from 300 to 1,500 metres. The move aligns with BP’s global strategy to raise production to 2.3mn–2.5mn barrels of oil equivalent per day (boed) by 2030, with scope for further growth through 2035.