BP to begin drilling its first Gulf of Suez well by October

BP is set to begin drilling its first well in a concession in the Gulf of Suez by October of this year, a company source said yesterday, Al Masry Al Youm reports. BP’s JV with the Egyptian General Petroleum Corporation (EGPC), Gulf of Suez Petroleum Company, will be carrying out the drilling and production works. BP had signed last week a USD 46 mn agreement with the EGPC for oil and gas exploration in the Gulf of Suez, including USD 4 mn to cover the cost of drilling three wells. The report comes as UK Trade Envoy Sir Jeffrey Donaldson assured Oil Minister Tarek El Molla that British oil and gas companies are keen on investing further in the sector, according to an Oil Ministry statement picked up in the local press.