BP plc has signed a preliminary agreement with the Egyptian Natural Gas Holding Company (EGAS) to drill five new Mediterranean gas wells, Egypt’s Petroleum Ministry said Monday. Drilling is set to start in 2026 at depths of 300 to 1,500 meters, with output expected to flow through West Nile Delta facilities. The move comes as Egypt’s gas output has dropped over 40% since 2021, forcing higher imports. It also aligns with Cairo’s $340m exploration deals signed with Shell, Eni, and Arcius Energy, underscoring efforts to boost domestic supply and attract majors back to upstream investment.
