BP intends to sell its stakes in the Gulf of Suez Oil Company (GUPCO), banking sources told Reuters news agency.
The sale of its stakes in GUPCO, a business with an estimated value of $500 million, comes as the British company looks to increase its investments in deepwater natural gas fields offshore in the Mediterranean Sea.
BP has sent pitches to potential buyers of its stakes in GUPCO, which is currently joint-owned with the Egyptian Petroleum Corporation.
Media groups approached the company but a spokeswoman refused to comment.
GUPCO produces more than 70,000 barrel per day (b/d) of crude oil as well as 400 million standard cubic feet per day (mscf/d) of natural gas.
In February, BP announced that Egypt’s Atoll field would begin to produce gas seven months ahead of schedule with at 33% lower than the initial estimated cost, Egypt Oil & Gas reported.
The Atoll field project is producing 350 million standard cubic feet per day (bcf/d) in addition to 10,000 barrels per day (b/d) of condensates. The Egyptian national gas grid is entitled to receive the field’s natural gas output.