BP Considers Selling Egyptian Gas Assets Amid Strategic Restructuring

BP is currently evaluating the potential sale of certain natural gas assets in Egypt as part of a broader corporate restructuring initiative under new leadership. According to reports citing sources familiar with the matter, the UK-based energy supermajor has not yet made a final decision regarding the divestment. BP has maintained a significant presence in Egypt for over six decades, investing more than $35 billion and currently accounting for approximately 60% of the country's natural gas production through various joint ventures. This strategic review coincides with the appointment of Meg O’Neill as CEO, who has pledged to refocus the company on profitable core oil and gas operations. Despite the potential sale, BP continues to expand its footprint in the region, recently announcing a significant gas and condensate discovery offshore Egypt at the Denise W-1 well. Additionally, the company recently acquired a 40% stake in exploration blocks in Uzbekistan, signaling a dual strategy of optimizing existing portfolios while pursuing new high-value opportunities in key energy markets.