British Petroleum (BP) has discovered oil and natural gas reserves in the King Mariout offshore block in Egypt’s northern Mediterranean.
Egyptian Prime Minister Mostafa Madbouly announced the discovery during a weekly press conference on Wednesday, as reported by Zawya.
He said the discovery as promising and indicated that specific figures would likely be released soon. Further exploration within the concession area could yield additional findings.
Madbouly also revealed plans to increase salaries and compensation at the start of the next fiscal year. The proposal, which includes pension hikes, is currently being finalized and will be submitted to the president resident for approval.
Meanwhile, BP has commenced gas production from wells at the Greater Tortue Ahmeyim (GTA) Phase 1 liquefied natural gas (LNG) project. Since January, gas has been flowing to its floating production storage and offloading (FPSO) vessels in Senegal and Mauritania.
Other development from Egypt
El-Sisi has also approved a national training initiative that aims to equip 12,000 young Egyptians annually with specialized skills. Developed in collaboration with top international universities, the program will offer intensive diplomas and professional or scientific master’s degrees for individuals aged 15 to 32.
The initiative will integrate classroom learning with practical experience, partnering with Egyptian companies to provide hands-on training.
Participants will have the opportunity to secure jobs with these firms upon completing their courses.
Additionally, many graduates will be able to work remotely for multinational corporations, earning foreign currency and contributing to Egypt’s economy. The program is set to launch by the end of the second quarter of this year.
Egypt expanding Oil and gas opportunities
In January, Prime Minister Madbouly engaged in advanced discussions with senior Chevron officials to explore ways to enhance oil and gas production in Egypt.
In addition, a Saipem drillship has arrived in Egypt to support Eni’s operations at the Zohr gas field. Located in the Shorouk region, approximately 200 kilometers north of Port Said, the field is one of Egypt’s largest gas discoveries. Drilling operations are set to resume as soon as possible, according to those familiar with the matter.
