RIYADH: Egypt will receive a $3.5 billion investment from British multinational oil and gas company BP over the next three years, according to Egyptian President Abdel Fattah El-Sisi.
The announcement came after a meeting between El-Sisi and BP CEO Bernard Looney in the presence of the Minister of Petroleum and Mineral Resources Tarek El-Molla.
The investment will bolster this industry and reinforce initiatives to position Egypt as a central player in regional oil production and energy exchange.
The president highlighted Egypt’s desire to strengthen cooperation with the British company, including in emissions reduction, energy transition and green hydrogen production.
He emphasized the state’s significance in involving foreign corporations and the private sector in oil, gas and renewable energy.
These initiatives aim to boost exploration and production while supporting the state in making the best use of its resources for present-day and future generations.
Looney applauded the development that Egypt has made under President El-Sisi’s direction, particularly in the area of infrastructure, which has a favorable impact on various investment avenues, particularly in the energy and renewable energy sectors.
This is in addition to the existing regional cooperation initiatives for the transportation and liquefaction of gas and the integration of electric grids in the eastern Mediterranean.
Looney also mentioned the ongoing efforts in collaboration with the ministry to support the development of human cadres in Egypt’s energy sector.
Furthermore, the company’s commitment to fulfilling its social responsibilities was emphasized by offering scholarships to Egyptian youth to pursue education at prominent British universities.
Last Tuesday, the Petroleum Ministry announced a new oil discovery in Egypt’s Cheiron in the Geisum and Tawila west Concession in the Gulf of Suez.
The discovery was made through the exploration well GNN-11, which currently produces more than 2,500 barrels daily.
According to the ministry, the well is the fourth to be finished, and three more could be sunk as part of the current exploration phase.
The field in North Geisum has produced roughly 23,000 bpd, it continued.
PetroGulf Misr oversees field operations for Egyptian General Petroleum Corp., Cheiron-Pico, and partners Kuwait Foreign Petroleum Exploration Co.
