He emphasized the joint work with the company to accelerate the development of the two new discoveries, which will support the sector's efforts to increase production and secure energy supplies for the Egyptian economy. He praised the company's commitment to operating in Egypt under various circumstances and affirmed Egypt's commitment to its strategic partnerships in the petroleum sector and to stimulating investment.
He pointed out that the government is moving with an
integrated approach to address the challenges facing the energy sector by
working to increase oil and gas production through effective investment
incentives, in addition to expanding renewable energy sources, which enhances
energy security and supports the national economy.
Badawi discussed with Lynn efforts and the necessary
steps to accelerate the development of the two new discoveries, King Mariout
and Fayoum 5, in the Mediterranean region.
Lynn affirmed BP's interest in the rapid development of
the two discoveries, expressing his aspiration to enhance cooperation and
coordinate efforts in this regard with the Egyptian oil and gas sector. He
emphasized the company's plans to accelerate the development of the Harmattan
natural gas field in the Eastern Mediterranean and to invest in promising
opportunities in the Pharaonic Company's operating areas in Port Said.
The meeting also addressed the follow-up on the plans of Arcius Energy, the new joint investment entity between BP and XRG, which is investing in several gas exploration and production areas in the Mediterranean Sea in Egypt.