Summary:

On 5 February 2025, the Egyptian Prime Minister, Mostafa Madbouly, confirmed during a weekly press conference that the UK-headquartered energy giant, British Petroleum (BP), discovered a significant oil and natural gas deposit in the King Mariout offshore block, located in Egypt’s Northern Mediterranean.  

Madbouly called the discovery promising, noting that it could lead to further discoveries within the concession area. 

The King Mariout exploration well is positioned close to BP’s current facilities and subsea pipelines for the West Nile Delta project and can be integrated into the existing infrastructure. 

Following its operations at the Raven field near Alexandria, Egypt, the British energy company will start drilling at the King Mariout Block, where the project aims to uncover natural gas. BP hopes to reach the target reservoir by the end of February 2025. 

Historically, BP has operated in Egypt since 1968. BP has been responsible for almost 40% of Egypt’s overall oil production and has invested close to $14 billion in the country, making it the single largest foreign investor in Egypt. 

Outlook: 

BP’s successful discovery of new resources in the King Mariout offshore block strengthens its presence in Egypt and its commitment to expand its operations and investments.  

This provides a significant boost to the Egyptian government’s efforts to maintain its historical partnership with the British energy giant, while enhancing Egypt’s appeal to other foreign investors with the credibility of a major multi-national’s presence. 

This discovery marks a crucial opportunity for both BP and Egypt, aligning with the government’s efforts to position itself as a key player in oil and gas industry in the region.   

Our team will continue watching developments in Egypt’s oil and gas sector, as well as BP’s future projects that could influence the economic and geopolitical outlook for the region. 

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