BP plans to inject new investments in Egypt amounting to $1.5B

CAIRO - 19 February 2024: The British Petroleum Company (BP) plans to pump new investments amounting to $1.5 billion into the Egyptian development and exploration activities over the coming years, with the possibility of pumping additional investments amounting to $5 billion in the future, according to a statement issued by the Presidency of the Republic on Monday.

 

This comes in light of maximizing the use of land and maritime facilities established to accelerate development and production plans to meet the growing demand of the local market, and to support the state’s efforts to export surplus energy, according to statements by the CEO of British Petroleum, Murray Auchincloss.

 

“Therefore, British Petroleum is keen to continue its investments in the field of gas and oil exploration in Egypt, and gives it priority in the field of exploration,” Auchincloss said on the sidelines of a meeting between President Abdel Fattah El-Sisi and Auchincloss, on the sidelines of the Egypt Energy Show (EGYPES) 2024 conference.

 

The official spokesman for the Presidency of the Republic, Ahmed Fahmy, said that President Sisi praised the company’s distinguished activity, the growing volume of its investments in Egypt, and its exploration projects in the gas and oil sectors.

 

President Sisi stressed that the company's projects are consistent with efforts to transform Egypt into a regional center for energy production and trading, amid the importance the state attaches to facilitating the work of international companies and the private sector in this field.

 

President Sisi pointed out the consistency and compatibility of visions between Egypt and the company regarding the just energy transition, and Egypt’s aspiration to strengthen existing cooperation with the British company, especially in the field of green hydrogen production, in an effort to maximize the state’s benefit from its resources for the benefit of current and future generations.

 

Earlier on Monday, Egypt’s President Abdel Fattah al Sisi witnessed the inauguration of the seventh edition of Egypt Energy Show (EGYPES) 2024 at Al Manara International Conference Center in New Cairo.