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BP Mulls Plans to Invest $3.5bn in Egypt Over Next Three Years

British Petroleum (BP), an oil and gas global giant, announced Monday August 28 plans to inject $3.5 billion in Egypt for the next three years. BP’s chief executive Bernard Looney made the announcement after meeting with President Abdelfattah al-Sisi. The investments will go towards research, exploration and development, the office of the Egyptian leader announced. The firm will cooperate on reducing emissions and energy transition, as well the production of green hydrogen.

Operating in the North African country for 60 years now, BP has invested more than $35 billion in the country and produces around 60% of its gas. The announcement comes amid plans by Egypt to drill 45 natural exploratory gas wells in the Mediterranean and the Nile Delta with $1.9 billion in investments until mid-2025.

The plan includes drilling 10 wells between July 2022 and June 2023 which resulted in the huge discovery in the Nargis Offshore Area Concession, which added reserves of 2.5 trillion cubic feet, stated Tarek El-Molla, Minister of Petroleum and Mineral Resources.
El-Molla added that during the years 2023/2024 and 2024/2025, a total of 35 exploratory wells will be drilled with $1.5 billion in investments.

Source: NAP