Sources say that BP is considering selling some Egyptian gas assets

Four people close to the matter have confirmed that BP may sell some of its natural gas assets located in Egypt. This is as Meg O'Neill, the new CEO, restructures BP to reduce debt and focus on more profitable projects.

Over the past six decades, BP has invested a total of?more than?$35 billion in Egypt. Joint ventures in the East Nile Delta and BP-operated fields on West Nile Delta produce?about?60% of Egypt's natural gas. Over the past six decades, BP has invested more than?$35?

The sources said that no final decisions had been made.

A BP spokesperson stated that the company doesn't comment on market speculation.

The West Nile Delta project includes the development of five gas fields in North Alexandria and West Mediterranean Deepwater offshore blocks in the Mediterranean.

BP produced 518 m?cubic feet of natural?gas a day in Egypt last year. This is down nearly?60% compared to 2024, and about 40% compared to 2023.

In 'April, it announced a gas and a condensate find off the coast?Egypt. Earlier in the year, the North-East El Alamein offshore exploration concessions and the West El Hammad were awarded.

(source: Reuters)