CAIRO – 29 September 2024: British Petroleum Exploration, a subsidiary indirectly owned by BP, and ADNOC International Limited are collaborating to form a joint venture that will hold certain of BP's rights in concession contracts for natural gas in Egypt.
This partnership, as disclosed to The Egyptian Competition Authority (ECA), is aimed at exploring, extracting, and marketing natural gas and condensates from designated fields in Egypt.
Earlier in August, the Ministry of Petroleum and Mineral Resources publicized that the Egyptian Natural Gas Holding Company (EGAS) initiated a new global bidding round for 2024. This initiative focuses on the exploration of natural gas and crude oil in 12 sectors within the Mediterranean Sea and the Nile Delta, encompassing 10 marine sectors and two land sectors.
The bidding process aligns with the ministry's strategy to attract fresh investments to Egypt, emphasizing the exploitation of promising opportunities in gas and oil exploration.
Additionally, in August, BP's CEO, Bernard Looney, revealed plans for a $3.5 billion investment in the Egyptian market over the next three years. Looney communicated this commitment during discussions with Egyptian President Abdel Fattah El-Sisi and Nader Zaki, the company's regional president for the Middle East and North Africa.
Comments
Leave a Comment