British Petroleum (BP) has announced plans to invest $1.5 billion in Egypt for developmental and exploration ventures.
This was announced by the Egyptian presidency on Monday, February 19th 2024.
The declaration came following a meeting in Cairo between Egyptian President Abdel-Fattah al-Sisi and BP’s Chief Executive Officer, Murray Auchincloss.
This high-level discussion signals a deepening collaboration between BP and Egypt. It is aimed at catalyzing growth and innovation in the energy landscape.
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BP and Egypt Forge Path Towards Energy Excellence
During the meeting, Auchincloss disclosed that there exists potential for an additional $5 billion in investments in the upcoming years.
He emphasized BP’s commitment to boosting its investments in oil and gas exploration in Egypt.
Moreover, he highlighted the country’s status as a primary destination for the company’s exploration endeavors.
Sisi mentioned that BP’s work fits with Egypt’s aim to become a leading center for energy in the region.
He stressed that the government is dedicated to making it easier for global companies and businesses to operate in the energy sector.
BP also stated on its website that it has put over $35 billion into Egypt during the last 60 years.
BP and ADNOC Join Forces
This moves comes as BP and Abu Dhabi National Oil Co. (ADNOC) are teaming up to create a new gas partnership in Egypt. BP will own 51%, while ADNOC will have 49%.
At first, the partnership will focus on three areas where bp is already involved and some places they want to explore more in Egypt.
These areas are Bellatrix-Seti East, North Damietta, North El Burg, North El Fayrouz, North El Tabya, and Shorouk.
BP has significant ownership in these places. For example, they have 10% of the Shorouk area where the Zohr field is. They own all of North Damietta and have half of North El Burg.
The exploration areas like North El Tabya, Bellatrix-Seti East, and North El Fayrouz will also be part of the agreement with ADNOC.