BP weighs sale of Egyptian gas assets amid restructuring plans
Oil giant BP is considering the sale of part of its natural gas assets in Egypt as the company moves forward with restructuring efforts aimed at reducing debt and focusing on more profitable projects under new CEO Meg O’Neill.
According to sources familiar with the matter, no final decision has yet been made regarding the potential sale. BP declined to comment on what it described as market speculation, News.Az reports, citing Reuters.
BP has invested more than $35 billion in Egypt over the past six decades and currently produces around 60% of the country’s natural gas through joint ventures in the East Nile Delta and fields operated by the company in the West Nile Delta.
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The West Nile Delta project includes five offshore gas fields in the Mediterranean Sea. BP’s gas production in Egypt reached 518 million cubic feet per day last year, marking a significant decline compared to previous years.
Despite the possible asset sale, the company continues expanding exploration activities in Egypt. In April, BP announced a new gas and condensate discovery offshore and earlier received exploration concessions in the North-East El Alamein and West El Hammad areas.
By Leyla Şirinova
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