bp to Invest $3.5B in Exploration, Development in Egypt in the Next Three Years

bp to Invest $3.5B in Exploration, Development in Egypt in the Next Three Years

President Abdel Fattah El Sisi met with Bernard Looney, CEO of bp, in the presence of Tarek El Molla, Minister of Petroleum and Mineral Resources, and Nader Zaki, the company’s regional president for the Middle East and North Africa.

During the meeting, Looney presented the company’s investment plans with its partners in Egypt throughout the next three years in the areas of research, exploration and development, explaining that they amount to $3.5 billion.

El Sisi praised the growing volume of the British company’s activities and investments in Egypt, especially with its contribution to the exploration and production of oil and gas.

El Sisi emphasized the importance that the state attaches to the participation of international companies and the private sector in the fields of oil, gas and renewable energy.

Egypt aspires to strengthen the existing cooperation with the British global company, including in the field of reducing emissions and energy transition, in addition to the production of green hydrogen. This comes as part of an effort to increase exploration and production as well as enhance the country’s exploitation of potential resources.

Looney also noted the ongoing efforts made in cooperation with the Ministry of Petroleum to support capacity building of human cadres working in the field of energy in Egypt. This is in addition to the company’s keenness to play its role in terms of social responsibility by providing scholarships for Egyptian youth to study in major British universities.

Sarah Samir 3470 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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