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British energy giant BP is exploring the potential sale of a portion of its natural gas assets in Egypt, according to industry sources.
This strategic review comes as the company’s newly appointed CEO, Meg O’Neill, implements a broader corporate restructuring programme designed to aggressively reduce corporate debt and pivot the group’s focus toward more lucrative global developments.
While BP has established a massive footprint in Egypt over the last 60 years, investing more than $35 billion and producing roughly 60 per cent of the nation’s natural gas through various joint ventures and offshore fields, sources emphasise that no final divestment decisions have been reached.
The potential asset offloading follows a severe downswing in BP’s local operational output, with the company’s Egyptian natural gas production dropping to 518 million cubic feet per day last year.
This output reflects a sharp 40 per cent contraction compared to 2024 and a staggering 60 per cent decline from 2023 levels.
Despite evaluating the sale of older assets, including parts of its significant West Nile Delta infrastructure, BP continues to sustain an ongoing exploration footprint in the region, having recently secured new offshore concessions and announced a fresh gas and condensate discovery in the Mediterranean.
