Arab Finance: The Egyptian General Petroleum Corporation (EGPC) and the Egyptian Natural Gas Holding Company (EGAS) jointly signed an agreement with bp and its partner Harbour Energy, according to a statement.

The deal aims to establish the executive framework for developing oil and gas reserves in the North King Mariout area and El Arish field in the Mediterranean, contributing to boosting production rates.

The international partners will develop the El Arish field under EGPC’s North Alexandria concession and the North King Mariout area under EGAS to maximize economic returns through integrated operations.

For his part, Minister of Petroleum and Mineral Resources Karim Badawi affirmed that the agreement is part of joint efforts to accelerate gas production projects in line with the five-year plan to increase production in the sector and to capitalize on untapped discoveries.

Badawi expressed appreciation for tangible successes achieved under this partnership in managing several assets in successful projects in the North Alexandria and West Nile Delta regions.

He noted that this partnership has contributed significantly to enhancing performance and achieving positive results, stressing the importance of continuing and deepening this cooperation in the coming period.

In March, Badawil unveiled bp’s investment plans to inject around $1.5 billion in Egypt's natural gas exploration and development during fiscal year (FY) 2026/2027.