Amid a new company restructuring, BP is weighing a potential sale of some of its natural gas assets in Egypt, Reuters reported on Friday, citing multiple sources familiar with the plans.
The UK oil and gas supermajor has not taken any final decision on a potential sale, while a spokesperson for BP told Reuters the group doesn’t comment on market speculation.
BP has been operating in Egypt for more than 60 years, investing over $35 billion in the North African country during these six decades.
BP and the partnerships it has with other companies in Egypt currently produce about 60% of all of Egypt’s natural gas through joint ventures with the Pharaonic Petroleum Company (PhPC) and Petrobel in the East Nile Delta, as well as through BP-operated fields in the West Nile Delta.
Two years ago, BP and ADNOC’s international energy investment company, XRG, set up a new joint venture, Arcius Energy, which initially focused on development of gas assets in Egypt.
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Last month, BP announced a significant gas and condensate discovery offshore Egypt following the successful drilling of the Denise W-1 exploration well in the Temsah Concession in the Eastern Mediterranean. The discovery lies less than 10 kilometers (6.2 miles) from existing infrastructure, creating strong potential for synergies and a fast-track development, BP said. The discovery offshore Egypt marked BP’s second exploration discovery this year, following 12 discoveries in 2025.
The discovery was announced days after Meg O’Neill took over as BP’s chief executive and pledged to restructure the supermajor to position it for long-term oil and gas production growth with profitable discoveries and projects worldwide.
O’Neill is pushing for an even faster return to the supermajor’s core oil and gas business after a few tumultuous years for the company in the first half of this decade.
Earlier this week, BP bought 40% in the production sharing agreement regulating oil and gas exploration and production rights for six blocks in Uzbekistan, setting foot in the Central Asian country as it continues to seek profitable opportunities to boost its oil and gas business.
By Michael Kern for Oilprice.com
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