Energy company BP plans to invest up to $1.5 billion in exploration activities in Egypt over the next few years, with the possibility that further investments worth nearly $5 billion will follow, the Emirates News Agency reported on Monday.
BP CEO Murray Auchincloss said the company aims to maximize the benefits derived from current oil and gas exploration activities on land and at sea, and hopes to speed up development and production plans to meet growing demand in the Egyptian energy market and support the country’s efforts to export energy surpluses.
The investment plan was announced on Monday by Auchincloss and Egyptian President Abdel Fattah El-Sisi during their meeting at the 2024 Egypt Energy Show, previously known as the Egypt Petroleum Show.
El-Sisi commended BP for its significant contributions to and growing investments in Egypt. In particular he highlighted its oil and gas exploration efforts, and said the company’s operations are in line with Egypt’s objective of becoming a regional hub for energy production and trade.