The investment will be injected in Egypt during the next 3 to 4 years, a BP spokesperson told Bloomberg
BP is planning to invest almost $1.5 billion in Egypt during the next few years to develop gas projects and drilling activities.
The investment will be injected in Egypt during the next 3 to 4 years, a BP spokesperson told Bloomberg.
Earlier in Feburary, ADNOC and BP announced that they will form a new joint venture (JV) to develop gas assets in Egypt, BP will own 51% of the JV and ADNOC will own 49% of the JV. The JV is expected to be completed during the second half of 2024.
BP will continue to hold about 70% of its existing interests in Egypt outside the joint venture with Adnoc, according to Bloomberg.
Earlier this month, CEO of BP, Murray Auchincloss made remarks during a meeting with President Abdel Fattah El-Sisi, held on the sidelines of the Egypt Energy Show (EGYPS) 2024 conference.
The CEO of BP emphasized the company's commitment to continuing its investments in gas and oil exploration in Egypt, giving it a high priority in this field. BP aims to utilize existing land and maritime facilities to expedite development and production plans, meeting the increasing demand of the local market and supporting Egypt's energy export efforts according to Auchincloss.
