AfrOil: BP plans to invest $1.5bn in oil exploration in Egypt

UK-based BP will inject up to $1.5bn in onshore and offshore exploration activities in Egypt over the next few years and may increase the sum to $5bn, group CEO Murray Auchincloss said on February 27.

The new investment plans build upon BP’s current investments in the North African country, which are valued at more than $35bn. The company aims to make use of existing land and marine infrastructure in Egypt to facilitate further exploration projects.

Auchincloss, who was speaking on the sidelines of the Egypt Petroleum Show (EGYPES 2024) during a meeting with Egyptian President Abdel Fattah el-Sisi, underlined the importance of BP’s investments in Egypt to meet the growing demand of the local market and export the energy surplus.

For his part, el-Sisi stated that BP’s Egyptian ambitions were aligned with the government’s objective of becoming a regional hub for energy production and trade, adding that his administration was committed to supporting major oil firms’ operations in the country.