BP will invest $1.5bn in gas projects and drilling in Egypt in the next few years, Bloomberg reported.
The investment will be spread over a period of three to four years and follows bp’s JV with UAE-based ADNOC, announced in mid-February. In the meantime, the UK gas giant will continue to hold 70% of its current interests in Egypt outside the JV.
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BP and ADNOC are expected to conclude the partnership in the second half of 2024. News of the joint venture came on 14 February, when bp announced a 51% stake in the newly formed company, with ADNOC owning the remaining 49% interest.
William Lin, bp regions, corporates & solutions executive vice-president, said at the time that the partnership with ADNOC will offer a “platform for international growth”.
“Together, we will build on the 60 years of safe and efficient operations of bp and its partners in Egypt and continue to produce and deliver secure, lower-carbon energy in the form of natural gas to the country,” he continued.
Overall, GlobalData research shows the coal, oil and gas sector was the 23rd-largest foreign direct investment sector in terms of the number of greenfield investments between 2019 and 2022, accounting for 0.6% of projects worldwide.
