bp plans $1.5bn investment in Egypt’s oil and gas sector

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The CEO of bp said there is potential for an extra $5bn (£3.97bn) in investments over the coming years.

UK oil and gas major BP has plans to make a $1.5bn investment in Egypt aimed at development and exploration activities.

Last week, bp and Abu Dhabi National Oil Company (ADNOC) teamed up to establish an Egypt-focused gas joint venture

The move was disclosed following a meeting between Egyptian President Abdel-Fattah al-Sisi and bp CEO Murray Auchincloss during the Egypt Petroleum Show, EGYPS 2024, in Cairo.

Auchincloss highlighted bp’s willingness to increase its involvement in Egypt’s oil and gas exploration sector.

He added that in order to make use of the current land and marine infrastructure, Egypt is the company’s top choice for exploratory projects.

This is expected to support the state’s attempts to export excess energy and meet the local market’s expanding demands by accelerating development and production plans.