CAIRO - 29 February 2024: Egypt is set to receive a substantial boost in investments as BP announced plans to invest approximately $1.5 billion in the country over the next few years. The investment aims to support the development of gas projects and drilling activities in Egypt, according to a spokesperson from BP.
The investment will be injected into Egypt's energy sector over a period of three to four years, as confirmed by the BP spokesperson in a statement to Bloomberg.
This follows the recent announcement made in February, in which BP and ADNOC revealed their plans to establish a new joint venture (JV) focused on gas assets in Egypt. Under the JV agreement, BP will hold a 51% stake, while ADNOC will own the remaining 49%. The completion of this joint venture is expected in the second half of 2024.
Meanwhile, BP will retain approximately 70% of its existing interests in Egypt outside of the joint venture with ADNOC, as reported by Bloomberg. This demonstrates BP's continued commitment to the Egyptian market and its confidence in the country's energy sector.
During a meeting with President Abdel Fattah El-Sisi at the Egypt Energy Show (EGYPS) 2024 conference, BP CEO Murray Auchincloss highlighted the company's dedication to investing in gas and oil exploration in Egypt.
Auchincloss emphasized that Egypt holds a high priority for BP, and the company aims to leverage existing land and maritime facilities to expedite development and production plans. This strategic approach not only aims to meet the growing demand of the local market but also supports Egypt's energy export efforts.
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