British Petroleum Exploration, a subsidiary of BP, is teaming up with ADNOC International Limited to launch a joint venture that will acquire specific rights to BP’s natural gas concession contracts in Egypt.
This partnership, as disclosed to the Egyptian Competition Authority (ECA), is aimed at exploring, extracting, and marketing natural gas and condensates from designated fields in Egypt.
Earlier in August, the Ministry of Petroleum and Mineral Resources publicized that the Egyptian Natural Gas Holding Company (EGAS) initiated a new global bidding round for 2024. This initiative focuses on the exploration of natural gas and crude oil in 12 sectors within the Mediterranean Sea and the Nile Delta, encompassing 10 marine sectors and two land sectors.
The bidding process aligns with the ministry’s strategy to attract fresh investments to Egypt, emphasising the exploitation of promising opportunities in gas and oil exploration.
In August, BP CEO Bernard Looney announced a $3.5 billion investment in Egypt over the next three years, following discussions with Egyptian President Abdel Fattah El-Sisi and BP’s MENA regional president, Nader Zaki.
