Arab Finance: British oil and gas company bp intends to sell part of its natural gas assets in Egypt as part of a restructuring plan aimed at reducing debt and focusing on higher-return projects, Reuters reported, citing four people close to the matter.
However, the sources affirmed that no final decision has been made, and a bp spokesperson refused to comment on market speculation.
Over six decades, bp has invested more than $35 billion in Egypt, producing about 60% of the country’s natural gas. The company recently unveiled plans to inject new investments estimated at $1.5 billion during fiscal year (FY) 2026/2027.
On May 6th, Egypt signed a deal with bp and Harbour Energy to develop oil and gas reserves in the North King Mariout area and El Arish field in the Mediterranean, contributing to boosting production rates.
Last month, the oil and gas giant announced a new natural gas discovery offshore Egypt in the Eastern Mediterranean following the successful drilling of the Denise W-1 exploration well in the Temsah concession.
The well is located about 70 kilometers offshore in water depths of up to 95 meters and less than 10 kilometers from existing infrastructure, a proximity expected to accelerate development timelines.
