Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi held a meeting with senior officials from bp to discuss the company’s drilling and exploration programs, growth plans, and investments in Egypt, according to a statement.

The current drilling program, which began in April, includes four confirmed wells with total investments of $700 million. The British oil group recently started drilling its first well, Fayoum 4, which has been connected to the national natural gas grid and is producing around 80 million cubic feet per day (MMcf/d), two years ahead of schedule.

The drilling rig has already been moved to its next location to begin work on the Ghorab exploration well. It will then drill two consecutive deepwater exploration wells for Arcius Energy, a joint venture (JV) in which bp holds a 51% stake.

Both sides reaffirmed their commitment to planned work programs aimed at increasing production and developing the country’s oil and gas resources.

For his part, Badawi highlighted the ministry’s efforts to maintain a stable and attractive investment climate based on clear and consistent rules and aimed at safeguarding Egypt’s rights and maximizing returns from its natural resources.