BP plans to invest up to $1.5 billion in exploration activities in Egypt over the next few years, with the possibility of further investments totalling nearly $5 billion. This decision aims to capitalise on current facilitation efforts in oil and gas exploration in both land and sea areas to expedite development and production plans, meet the local market’s growing energy demand, and support Egypt’s energy export initiatives.
The energy giant’s CEO Murray Auchincloss made the announcement, emphasising BP’s commitment to maximising benefits from ongoing facilitation measures. This development coincided with a meeting between Egyptian President Abdel Fattah El-Sisi and BP’s CEO during the Egypt Petroleum Show, EGYPS 2024.
BP will own 51% of the joint venture, and ADNOC will own the remaining 49%.
As part of the agreement, BP will transfer its interests in three development concessions and exploration agreements in Egypt: its 10% stake in Shorouk, a 50% interest in North El Burg and the North Damietta offshore block.