bp to inject $1.5B into oil, natural gas exploration in Egypt
Updated 2/19/2024 9:14:00 PM
Arab Finance: UK-based bp Plc is planning to pump new investments worth $1.5 billion into oil and natural gas development and exploration over the upcoming years, with the possibility of making an additional investment of up to $5 billion, the company’s CEO Murray Auchincloss revealed.
The British company is also looking forward to injecting further investments into its projects in Egypt as a key operator in the natural gas fields of Atoll, Ras El-Bar, and Raven on the Mediterranean Sea, Auchincloss noted.
During his meeting with the Egyptian President Abdel Fattah El-Sisi and Minister of Petroleum and Mineral Resources Tarek El-Molla on the first day of the Egypt Energy Show (EGYPES 2024), Auchincloss said that bp is currently drilling two wells within the development plan of the Raven field.
Moreover, he presented the company’s activities at its concessions in Egypt and the ongoing drilling operations being executed to boost natural gas production rates.
For his part, El-Molla emphasized the petroleum sector’s cooperation with all partners to help them overcome challenges and capitalize on the promising opportunities available in Egypt.
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