BP intends to invest $1.5 billion in Egypt, Bloomberg News says

BP (BP.L) is considering investments of about $1.5 billion to develop gas projects and drilling in Egypt over the next three to four years, Bloomberg News reported on Wednesday, citing a spokesperson for the global oil major.

The company did not immediately respond to a Reuters request for comment.

Earlier this month, BP and state-owned Abu Dhabi National Oil Company (ADNOC) announced plans to form a joint venture in Egypt that will initially focus on natural gas.

The joint venture, expected to be formed in the second half of this year, will be 51% owned by BP and 49% by ADNOC, the companies said at the time.

BP will contribute its interests in three development concessions and exploration agreements in Egypt while ADNOC will make a proportionate cash contribution that can be used for future growth opportunities.

Reuters