Ashraf AboArafe
Dr. Mostafa Madbouly, Prime Minister, met today at the government headquarters in the New Administrative Capital with Mr. Murray Auchincloss, CEO of British Petroleum (BP), and Mr. Nader Zaki, the company’s regional president for the Middle East and North Africa, in the presence of Eng. Karim Badawi, Minister of Petroleum and Mineral Resources.
At the beginning of the meeting, the Prime Minister welcomed Mr. Murray Auchincloss and his accompanying delegation at the Cabinet headquarters in the New Administrative Capital, noting that BP is a strategic partner of Egypt in the field of oil and gas production.
Dr. Mostafa Madbouly expressed his appreciation for the company’s work in the Egyptian market, explaining that the company has been operating in Egypt for 60 years, during which it has been able to pump cumulative investments exceeding $30 billion.
The Prime Minister explained that in addition to the important projects implemented by the company in the Egyptian market over the years, the company has an ambitious plan to explore oil and gas from 6 concession areas in Egypt, which gives us confidence and hope to achieve more discoveries in the coming period.
Dr. Mostafa Madbouly thanked the officials of the British Petroleum Company for their continued commitment to investing and working in Egypt despite all the challenges and difficulties that the Egyptian economy has suffered from over the past years, stressing at the same time that the Egyptian state is committed to supporting the oil and gas sector and the companies operating in it, referring in this regard to the incentive package announced by the Minister of Petroleum and Mineral Resources to support increasing oil and gas production in Egypt.
The Prime Minister expressed his aspiration for more cooperation with the British BP Company in the coming years.
In turn, Mr. Murray Auchincloss said that British Petroleum has been and remains a committed partner when it comes to pumping investments into Egypt, even during the difficult times that the Egyptian market has witnessed over the past years, explaining that the company has been operating in Egypt for more than 60 years.
Auchincloss stressed his aspiration to strengthen the partnership with the Egyptian government, believing that Egypt has a lot of oil and gas wealth, reviewing in this context the company’s ongoing efforts to achieve more discoveries from its concession areas, explaining that this would provide more of the required supplies in the local market.
The CEO of British Petroleum reviewed the promising investment opportunities that the company is working on in a number of its concession areas during the period from 2025 to 2027.
Auchincloss thanked the Prime Minister for starting to pay the company’s dues, expressing his aspiration to quickly pay the remaining dues during the coming period.
In response, the Prime Minister confirmed the speed of work to pay the remaining dues to the British company.
The CEO of the company also reviewed plans to start production from a number of wells that the company is working on, one of which will start production during the first quarter of next year.
During the meeting, Eng. Karim Badawi, Minister of Petroleum and Mineral Resources, discussed with BP officials the efforts to accelerate the pace of production and the timelines for starting production from a number of wells and fields in the concession areas of the British company.
