British Petroleum (BP) is investing $1.5 billion in developmental and exploration projects in Egypt.
BP’s Chief Executive Officer, Murray Auchincloss met Egyptian President Abdel-Fattah al-Sisi when they disclosed the plan.
Among the reasons for the UK to invest in Egypt is for growth and innovation in the energy sector.
Auchincloss unveiled the potential for an additional $5 billion in investments in the coming years, a deal which will UK expand its investments in oil and gas exploration in Egypt.
According to President Sisi, BP’s initiatives align with Egypt’s goal to emerge as a prominent energy hub in the region.
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He said Egypt will also go along the way to ensure its commitment to facilitating a conducive environment for global corporations to operate within the energy industry.
BP has already channeled over $35 billion into Egypt over the past six decades.
BP, together with Abu Dhabi National Oil Co. (ADNOC), have joined forces to establish a new gas partnership in Egypt, with BP holding a 51% stake and ADNOC owning 49%.
The partnership concentrates on existing BP-involved areas and potential exploration sites in Egypt, including Bellatrix-Seti East, North Damietta, North El Burg, North El Fayrouz, North El Tabya, and Shorouk.
BP has substantial interests in these regions, such as a 10% stake in the Shorouk area housing the Zohr field, full ownership of North Damietta, and a 50% share in North El Burg.
The exploration zones like North El Tabya, Bellatrix-Seti East, and North El Fayrouz are also part of the collaborative agreement with ADNOC.
