BP to pump up to $8B in energy transition

CAIRO - 12 February 2023: The British Petroleum Company (BP) celebrates 60 years of operations in Egypt, BP CEO Bernard Looney, announced.

 

Looney added during EGYPS 2023 that the company will pump up to $8 billion into the energy transition. 

As for Egypt, he referred that the investment in the energy transition will be in the gas and hydrogen sectors.

 

He pointed out that the Ukrainian-Russian war revealed the need for an energy transition, and this transition must be organized.

 

In a meeting with the minister of Petroleum , Tarek el-Molla, on the sideline of the EGYPS 2023, Looney said that BP is committed to its investment plan in Egypt, especially in the field of research, exploration and field development.

 

He emphasized the company's aspiration to increase its production rates in Egypt after the completion of seismic research operations in its concession areas. .

 

Egypt Petroleum Show (EGYPS 2023) kicked off Sunday in the presence of President Abdel Fattah El-Sisi.

 

The EGYPS 2023 takes place from February 13 to 15 at Egypt International Exhibition Center. 

 

It is held under the theme 'North Africa and The Mediterranean: Supporting Sustainable Global Energy Supply and Demand'.

 

The inauguration was attended by Prime Minister Mostafa Madbouli, Minister of Petroleum and Mineral Resources, Tarek El-Molla, and a number of ministers and senior statesmen.

 

All CEOs of the energy, oil and gas sector in the world will participate in the EGYPS 2023, in addition to a group of energy ministers, government representatives, high-ranking officials of the European Union, secretaries of major international energy organizations, business leaders and investors in the energy sector to discuss the most important issues to support the progress of the oil and gas sector.