CAIRO – 28 August 2023: The British multinational oil major BP said its investment plans with partners in Egypt in the fields of search, exploration and development amount to $3.5 billion over the coming three years.
BP CEO Bernard Looney reviewed the company’s investment plans with its partners in Egypt in a meeting with Egyptian President Abdel Fattah El-Sisi on Monday.
Looney highlighted the ongoing efforts to build human cadres working in the field of energy in Egypt in cooperation with the Egyptian Ministry of Petroleum and Mineral Resources.
The company is also keen to provide scholarships to young Egyptian people to study in major British universities, Looney noted.
For his part, Sisi voiced appreciation for the company’s growing investments in the gas and petroleum exploration activities in Egypt in a way that enhance the country’s transformation to a regional hub for energy production and circulation.
Sisi also stressed the importance that the state attaches to the participation of the global companies and the private sector in the fields of petroleum, gas and renewable energy.
In this regard, Egypt looks forward to enhancing ongoing cooperation with BP in a way that includes emission reduction and energy transformation as well as green hydrogen production, Sisi said.
Such cooperation aims to boost exploration and production activities and maximize the state’s benefits from its potential resources in favor of the present and future generations.
Looney stressed the centrality of the strategic partnership between Egypt and BP that has spanned over 60 years, praising Egypt’s achievements under El-Sisi in terms of development, especially in the field of infrastructure.
This reflects positively on various investment paths, especially with regard to energy and renewable energy, Looney said.
This is in addition to the ongoing regional cooperation projects in the eastern Mediterranean for the transportation and liquefaction of gas, as well as for electric interconnection, BP CEO added.
BP in Egypt
Over the past 60 years, BP has invested more than $35 billion in Egypt, becoming a major pillar of the Egyptian energy industry.
According to its website, BP currently produces about 60 percent of the gas in Egypt.
The company runs its activities through a joint venture with the Pharaonic Petroleum Company (PhPC) and Petrobel (IEOC JV) in the East Nile Delta as well as through its operated West Nile Delta (WND) gas development.
The company has voiced support to Egypt to become a regional energy hub.
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