Oil major BP is considering selling some of its natural gas assets in Egypt, according to four sources close to the matter, as new Chief Executive Meg O’Neill restructures the group to cut debt and refocus on more profitable projects.
BP has invested more than $35 billion in Egypt over six decades, producing about 60 per cent of the country’s natural gas through joint ventures in the East Nile Delta and BP-operated fields in the West Nile Delta. The West Nile Delta development includes five gas fields across the North Alexandria and West Mediterranean Deepwater offshore blocks in the Mediterranean.
BP produced 518 million cubic feet per day of natural gas in Egypt last year, down approximately 40 per cent from 2024 and nearly 60 per cent from 2023. No final decisions have been taken, the sources said, and a BP spokesperson stated the company does not comment on market speculation.
Despite the potential divestiture talks, BP announced in April a gas and condensate discovery off the coast of Egypt, and earlier in the year was awarded the North-East El Alamein and West El Hammad offshore exploration concessions — signalling continued interest in the country’s upstream potential even as it reassesses its broader portfolio.
Source: zawya.com