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29 Feb 2024

BP Plans to Invest $1.5 Billion in Egypt Gas Projects

29 Feb 2024  by reuters   

Signage is seen outside a BP (British Petroleum) petrol station in Liverpool, Britain, February 7, 2023. REUTERS/Phil Noble/File Photo Purchase Licensing Rights
BP (BP.L), opens new tab is preparing to invest about $1.5 billion to develop gas projects and drilling in Egypt over the next three to four years, the company said on Wednesday.

The plans were earlier reported by Bloomberg News, citing a company spokesperson.

Earlier this month, BP and state-owned Abu Dhabi National Oil Company (ADNOC) announced plans to form a joint venture in Egypt that will initially focus on natural gas.

The joint venture, expected to be established in the second half of this year, will be 51% owned by BP and 49% by ADNOC, the companies said.

BP will contribute its interests in three development concessions and exploration agreements in Egypt while ADNOC will make a proportionate cash contribution that can be used for future growth opportunities.

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