BP Aims $1.5 Billion Investment in Egypt for Gas Projects and Drilling Activities

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Egypt’s energy sector is poised to receive a significant investment boost with BP’s announcement of plans to inject approximately $1.5 billion into the country over the next few years. The investment is earmarked to bolster gas projects and drilling activities, according to a spokesperson from BP.

This substantial investment will be disbursed over three to four years, underlining BP’s long-term commitment to Egypt’s energy landscape. The company aims to fortify its presence and contribute to the development of Egypt’s energy infrastructure.

The investment initiative follows BP’s recent collaboration with ADNOC, where both entities unveiled plans to establish a new joint venture (JV) focusing on gas assets in Egypt. With BP holding a majority stake of 51% and ADNOC owning the remaining 49%, the JV is slated to be finalized in the second half of 2024.

Even outside of the joint venture, BP remains heavily invested in Egypt, retaining around 70% of its existing interests in the country. This underscores BP’s confidence in Egypt’s energy potential and its commitment to fostering growth and development in the region.

During discussions at the Egypt Energy Show (EGYPS) 2024 conference with President Abdel Fattah El-Sisi, BP CEO Murray Auchincloss reaffirmed the company’s dedication to expanding gas and oil exploration activities in Egypt. Auchincloss stressed Egypt’s strategic importance to BP and outlined plans to leverage existing infrastructure to accelerate development and production efforts, catering to both domestic demand and energy export aspirations.

BP’s investment signals a positive outlook for Egypt’s energy sector, paving the way for enhanced exploration, production, and infrastructure development initiatives that will contribute to the country’s energy security and economic growth.