BP to inject $1.5bln for Egypt development, exploration activities

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Global oil major BP said it plans to inject up to $1.5 billion in exploration activities in Egypt within the next years, with the potential of pumping further investments worth nearly $5 billion.

The company seeks to maximise the benefit from the current facilitation on oil and gas exploration activities in land and sea areas to speed up development and production plans to meet the growing demand of the local market and to support the State’s endeavours to export the surplus of energy.

BP Chief Executive Officer Murray Auchincloss unveiled the mega Egypt plan on the sidelines of the Egypt Petroleum Show (EGYPS 2024) during a meeting with Egyptian President Abdel Fattah El Sisi which was also attended by Prime Minister Dr Moustafa Madbouly, Minister of Petroleum and Mineral Resources, Engineer Tarek El Molla, and BP Regional President, Middle East and North Africa, Nader Zaki.

Spokesman for the Presidency, Counselor Dr. Ahmed Fahmy, said President Sisi lauded BP’s outstanding activities, the size and scope of its growing investments in Egypt, as well as its exploration projects in the oil and gas sector.

President Sisi stated that BP’s activities were aligned with Egypt’s goal of transforming into a regional hub for energy production and trade.

He underscored the state’s commitment to facilitating the operations of international companies and the private sector.