BP considers sale of some Egyptian gas assets, sources say

LONDON, May ​15 (Reuters) - Oil ⁠major BP is considering ​selling some of its natural gas assets in ​Egypt, four ‌people close to the matter told Reuters, ⁠as new CEO Meg O'Neill restructures ⁠the group to ​cut debt and refocus on more profitable projects.

BP has invested more than  $35  billion in Egypt over ​six decades, ‌producing about  60% of the country’s natural gas through joint ventures in the East Nile Delta and BP-operated fields in the West ​Nile Delta.

No final decisions have been taken, ‌the sources said.

A BP spokesperson said the company does not comment ‌on market speculation.

The West Nile Delta development includes five gas fields across the North Alexandria and ​West Mediterranean Deepwater offshore blocks in the Mediterranean.

BP produced 518 ‌million cubic feet per day of natural gas in Egypt last year, down about 40% ⁠from ⁠2024 and nearly 60% from 2023.

It ‌announced in April a gas and condensate discovery off ​the coast ​of Egypt and earlier in ‌the year was awarded the North-East El Alamein and West El Hammad offshore exploration concessions.

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