Arab Finance: Dragon Oil, Carlyle Group, Energean, and Artemis Energy are among the companies expected to submit bids this week for assets in bp’s West Nile Delta natural gas development offshore Egypt, Reuters reported, citing three sources familiar with the sale process.

The bids are expected to be submitted by the end of the week, although the value and scope of the offers were not immediately available.

The planned sale comes as the British oil major aims to streamline its global portfolio and reduce debt and operating costs. The company accounts for around 60% of Egypt's natural gas production through its joint ventures (JVs) in the East Nile Delta and operated fields in the West Nile Delta.

Reuters first reported in May that bp was exploring the sale of part of its Egyptian gas portfolio as part of its broader asset optimization strategy.

Over the past six decades, bp has invested more than $35 billion in Egypt. It produced 518 million cubic feet of natural gas per day (MMcf/d) in the country in 2025, down about 40% from 2024 levels and nearly 60% from 2023.

Despite the planned asset sale, bp continues to expand its upstream activities in Egypt. In April, the company announced a new gas and condensate discovery offshore Egypt, while earlier this year it secured the North-East El Alamein and West El Hammad offshore exploration concessions.

In March, bp unveiled plans to inject new investments estimated at $1.5 billion in Egypt's natural gas exploration and development during fiscal year (FY) 2026/2027.