This joint project aims to explore, extract, and sell natural gas and condensates produced by the relevant fields in Egypt.
British Petroleum Exploration, a subsidiary indirectly owned by British Petroleum (BP), and ADNOC International Limited plan to establish a joint venture to own some of BP's rights in concession contracts for natural gas in Egypt, according to data received by The Egyptian Competition Authority (ECA).
This joint project aims to explore, extract, and sell natural gas and condensates produced by the relevant fields in Egypt.
Earlier in August, The Ministry of Petroleum and Mineral Resources announced that the Egyptian Natural Gas Holding Company (EGAS) has launched a new global bidding for the year 2024 to search for natural gas and crude oil in 12 sectors in the Mediterranean Sea and the Nile Delta, including 10 marine sectors and two land sectors.
This bid comes within the framework of the efforts of the Ministry of Petroleum and Mineral Resources to attract new investments to Egypt, in accordance with its strategy aimed at exploiting promising opportunities in the field of searching for gas and oil.
In August, CEO of British Petroleum (BP), Bernard Looney, stated that British Petroleum plans to invest $3.5 billion in the Egyptian market within the next 3 years.
This was during his meeting with the Egyptian President Abdel Fattah El-Sisi and the company's regional president for the Middle East and North Africa, Nader Zaki.
