BP explores multi-billion dollar sale of Egyptian gas assets
BP Plc is considering the sale of some of its natural gas assets in Egypt as part of a broader restructuring plan aimed at reducing debt and focusing on higher-return projects, according to people familiar with the matter.
The potential divestment is still at an early stage and no final decision has been made, the sources said. The move comes as BP’s new leadership reviews the company’s global portfolio and evaluates how to streamline operations across key regions, News.Az reports, citing Reuters.
BP has been active in Egypt for more than six decades and has invested over $35 billion in the country’s energy sector. It currently plays a major role in Egypt’s gas production, accounting for roughly 60% through joint ventures in the East Nile Delta and operated assets in the West Nile Delta.
The company’s West Nile Delta development includes multiple offshore gas fields located in the Mediterranean, spanning the North Alexandria and West Mediterranean Deepwater blocks. These assets have been central to BP’s upstream gas production strategy in the region.
Recent production data shows BP’s output in Egypt reached about 518 million cubic feet per day last year, marking a significant decline compared with previous years. Output was down roughly 40% from 2024 levels and nearly 60% lower than 2023, reflecting natural field decline and portfolio adjustments.
Despite this, BP continues to invest selectively in the country. In April, the company announced a new gas and condensate discovery offshore Egypt. Earlier this year, it also secured exploration rights in the North-East El Alamein and West El Hammad offshore concessions, signaling continued interest in long-term opportunities.
A spokesperson for BP Plc declined to comment on market speculation.
The review of Egyptian gas assets reflects a wider trend among global energy companies reassessing mature portfolios while prioritizing capital discipline, debt reduction, and higher-margin developments.
By Aysel Mammadzada
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