Arab Finance: The Egyptian General Petroleum Corporation (EGPC), Eni, and bp have signed an agreement to extend the development contract for the Baltim East field in the Nile Delta’s Baltim Concession, as per a statement.

The contract aims to enhance exploration and development activities to increase oil and natural gas production.

Following the signing, Minister of Petroleum and Mineral Resources Karim Badawi said the agreement aligns with the ministry’s strategy to boost domestic oil and gas production and meet local energy needs by intensifying research and exploration in promising offshore areas.

He commended the long-standing cooperation with Eni and bp, noting that their partnership has contributed significantly to successful exploration and production projects in Egypt.

Over the next five years, Eni and bp plan to reinvest in the Baltim East field to identify new gas resources and leverage their advanced technologies, alongside the existing infrastructure in the region, to ensure rapid and cost-effective development.

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