British energy major BP plans to drill new wells in its Mediterranean concessions in Egypt during 2026, reinforcing its position as the country’s largest foreign investor in the hydrocarbons sector. The move forms part of BP’s multi-billion-dollar investment programme aimed at boosting gas output and maximizing Egypt’s offshore potential.
The plans were reviewed in Cairo during talks with Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, with officials describing BP’s forward investment agenda as ambitious and aligned with a strategic agreement signed in London in September 2025.
BP has invested more than $35 billion in Egypt over decades and currently channels an estimated $3–4 billion annually into gas development, particularly offshore Mediterranean projects that supply the domestic market and LNG exports. The company’s regional leadership reaffirmed its long-term commitment to Egypt, citing new drilling and accelerated development as priorities for the coming period.
Egyptian officials also encouraged BP to expand exploration into the Red Sea, highlighting its untapped hydrocarbon potential and urging the company to replicate its Mediterranean success. The renewed activity supports Egypt’s broader effort, alongside international partners, to reverse recent gas production declines and strengthen its role as a regional energy hub.
