British Petroleum (BP) will invest $1.5 billion in Egypt's development and exploration activities in the coming years. There is also a possibility of additional investments amounting to $5 billion in the future.

BP aims to utilize existing land and maritime facilities to expedite development and production plans, meeting the increasing demand of the local market and supporting Egypt's energy export efforts according to statements by the CEO of BP, Murray Auchincloss.

The CEO of BP emphasized the company's commitment to continuing its investments in gas and oil exploration in Egypt, giving it a high priority in this field.

These remarks were made during a meeting between Auchincloss and President Abdel Fattah El-Sisi, held alongside the Egypt Energy Show (EGYPES) 2024 conference.

El-Sisi commended BP's notable activities and growing investments in Egypt, particularly in the gas and oil sectors. He highlighted the alignment between the company's projects and Egypt's goal of becoming a regional hub for energy production and trading.

The President emphasized the government's dedication to facilitating the operations of international companies and the private sector in the energy domain.

During the meeting, El-Sisi confirmed that Egypt aims to strengthen its collaboration with BP, particularly in the field of green hydrogen production, to maximize the country's utilization of resources for the benefit of present and future generations.

Earlier, President El-Sisi attended the opening of the seventh edition of the Egypt Energy Show (EGYPES) 2024, held at the Al Manara International Conference Center in New Cairo.