Oil major BP is considering selling some of its natural gas assets in Egypt, four people close to the matter told Reuters, as new CEO Meg O'Neill restructures the group to cut debt and refocus on more profitable projects.
BP has invested more than $35 billion in Egypt over six decades, producing about 60% of the country’s natural gas through joint ventures in the East Nile Delta and BP-operated fields in the West Nile Delta.
No final decisions have been taken, the sources said.
A BP spokesperson said the company does not comment on market speculation.
The West Nile Delta development includes five gas fields across the North Alexandria and West Mediterranean Deepwater offshore blocks in the Mediterranean.
BP produced 518 million cubic feet per day of natural gas in Egypt last year, down about 40% from 2024 and nearly 60% from 2023.
It announced in April a gas and condensate discovery off the coast of Egypt and earlier in the year was awarded the North-East El Alamein and West El Hammad offshore exploration concessions.
(Reuters - Reporting by Stephanie Kelly, Editing by David Goodman)