bp is gearing up to invest around $1.5 billion in Egypt, to develop gas projects and drilling over the upcoming three to four years, Reuters reported.

Earlier in February, bp and Abu Dhabi National Oil Company (ADNOC) revealed plans to form a joint venture (JV) in Egypt. The planned JV is set to initially focus on natural gas.

The JV is expected to be established during H2 of 2024, and it will be 49% owned by ADNOC and 51% by bp.

bp will contribute its interests in three Egyptian development concessions and exploration agreements to the new joint venture. In return, ADNOC will contribute a proportional cash amount for future growth opportunities within the venture.