BP plans $1.5bn investment to expand operations in Egypt

British energy major BP (LSE: BP) is currently planning to strengthen its presence in Egypt and expand its operations, Al Ahram reported on March 31, quoting William Lin, Executive Vice President for Gas and Low Carbon Energy.

Speaking during a meeting with Egyptian PM Mostafa Madbouly and Minister of Petroleum and Mineral Resources Karim Badawi, Lin said BP will work to deepen its cooperation with the Egyptian government. The meeting took place on the sidelines of the Egypt Energy Show (EGYPS 2026). 

Lin expressed appreciation for the Ministry of Petroleum’s continued support, particularly the regular settlement of financial dues despite ongoing regional and global challenges. He revealed that BP intends to invest approximately $1.5bn in Egypt over the next five years. The planned investments will focus on gas development projects, exploration activities, and the drilling of new wells, with the potential for additional capital inflows.

BP’s current portfolio in Egypt includes stakes in 14 concession areas in the Mediterranean Sea, with 12 sites already in development and production, and two in the exploration phase.

Lin also pointed to BP’s interest in projects across the Mediterranean and Red Sea regions, noting that recent government reforms have provided clarity and encouraged further investment.

PM Madbouly welcomed the continued partnership, expressing optimism for increased investment flows, while Badawi noted ongoing efforts to create a more attractive investment climate.

Earlier this week, Italian energy major Eni (BIT:ENI) said it would invest $2bn in Egypt’s energy sector before the end of 2026. The aim is to expand exploration activities and boost production from existing fields to meet domestic demand and enhance exports.