Cairo – Mubasher: London-based British Petroleum (BP) plans to net $1 billion from its producing oil fields in Egypt, which have been recently offered for sale.
This step is part of the British oil and gas company’s strategy to avoid risks in a bid to maintain capital discipline, BP told Bloomberg.
The oil and gas giant could not renew its partnership at Abu Dhabi’s offshore oil concessions, which ended this month, according to the news agency.
Accordingly, BP will need to focus on other regional gas assets such as supergiant gas field Zohr in Egypt and Khazzan in Oman, in addition to the onshore fields it won in 2016.
It is worth noted that the Egyptian petroleum minister was in talks with BP over the company’s latest gas projects in Egypt and the on-going production projects in its concessions in Suez Gulf, the Nile Delta, and the Mediterranean water.
