BP plans to inject new investments in Egypt amounting to $1.5B

The British Petroleum Company (BP) plans to pump new investments amounting to $1.5 billion into the Egyptian development and exploration activities over the coming years, with the possibility of pumping additional investments amounting to $5 billion in the future, according to a statement issued by the Presidency of the Republic on Monday.

 

This comes in light of maximizing the use of land and maritime facilities established to accelerate development and production plans to meet the growing demand of the local market, and to support the state’s efforts to export surplus energy, according to statements by the CEO of British Petroleum, Murray Auchincloss.

 

“Therefore, British Petroleum is keen to continue its investments in the field of gas and oil exploration in Egypt, and gives it priority in the field of exploration,” Auchincloss said on the sidelines of a meeting between President Abdel Fattah El-Sisi and Auchincloss, on the sidelines of the Egypt Energy Show (EGYPES) 2024 conference.