British Petroleum Exploration, a subsidiary of BP, has partnered with ADNOC International Limited to establish a joint venture that will acquire specific rights to BP’s natural gas concession contracts in Egypt.
This collaboration, disclosed to the Egyptian Competition Authority (ECA), focuses on the exploration, extraction, and marketing of natural gas and condensates from designated fields in the country.
In August, the Ministry of Petroleum and Mineral Resources announced that the Egyptian Natural Gas Holding Company (EGAS) had launched a new global bidding round for 2024.
This initiative targets the exploration of natural gas and crude oil across 12 sectors in the Mediterranean Sea and the Nile Delta, comprising 10 marine sectors and two land sectors.
The bidding process aligns with the ministry’s strategy to attract new investments to Egypt, emphasizing the potential in gas and oil exploration.
Additionally, BP CEO Bernard Looney revealed a commitment to invest $3.5 billion in Egypt over the next three years, following discussions with Egyptian President Abdel Fattah El-Sisi and BP’s MENA regional president, Nader Zaki.
