BP's volume of investments in Egypt during 60 years reaches $30B

CAIRO - 2 December 2024: BP has maintained a strong presence in Egypt for six decades, investing over $30 billion during this time, according to the company's CEO, Murray Auchincloss, during his meeting with Prime Minister Mostafa Madbouly.

Auchincloss highlighted BP’s plans to begin production from several wells, with one expected to start operations in the first quarter of next year.

He also emphasized BP’s dedication to exploring oil and gas in six concession areas, reflecting its ambitious growth strategy in Egypt.

Prime Minister Madbouly acknowledged BP’s unwavering commitment to Egypt, even amid economic challenges, and reaffirmed the government’s support for the oil and gas sector. He noted the state’s recent incentive package announced by the Minister of Petroleum and Mineral Resources to enhance production capabilities.

Auchincloss expressed BP’s ongoing efforts to achieve new discoveries in its concession areas, aiming to meet the growing demand in the local market.

He also reviewed the company’s future investment opportunities in Egypt, particularly in concessions planned for development between 2025 and 2027.