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BP to invest $3.5bn in Egyptian gas

30 August 2023

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UK-based BP plans to invest $3.5bn in Egypt in natural gas exploration and development, according to a statement released by the office of Egyptian President Abdel Fattah el-Sisi.

The statement was released after a meeting between El-Sisi and the CEO of BP, Bernard Looney.

In the statement, Egypt’s Oil and Gas Minister Tarek el-Molla said plans to inject large investments into the development of natural gas over the next three years is “a message of confidence in the investment climate in the Egyptian economy in general and the oil and gas sector in particular”.

This year, there have been increasing concerns about Egypt’s investment climate due to high inflation and the weakness of the Egyptian pound.

Bernard Looney said he expected the investment of $3.5bn in natural gas exploration and development to double the company’s success rate in discovering new gas reserves.

BP plans to drill four new exploration wells for natural gas in the fourth quarter of this year.

Two will be drilled in the offshore Raven field, and two in the offshore Abu Qir region.

The company has already conducted 3D seismic surveys in both regions.

In its statement, the Egyptian president’s office said BP is working to diversify its areas of cooperation with Egypt to include capacity building, emission reduction projects, sustainable energy projects and hydrogen projects.

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Wil Crisp

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