Cario, Egypt— BP’s chief executive officer (CEO) Murray Auchincloss said the company plans to inject up to $1.5 billion in exploration activities in Egypt within the next few years, with the potential of pumping further investments worth nearly USD5 billion.
The CEO said the company intends to maximise the benefit from the current facilitation on oil and gas exploration activities in land and sea areas to speed up development and production plans to meet the growing demand of the local market and to support the State’s endeavours to export the surplus of energy.
This came as Egyptian President Abdel Fattah El-Sisi met with Chief Executive Officer of BP on the sidelines of the Egypt Petroleum Show, EGYPS 2024.
The meeting was also attended by Prime Minister, Dr. Moustafa Madbouly, Minister of Petroleum and Mineral Resources, Eng. Tarek El Molla, and BP Regional President, Middle East and North Africa, Nader Zaki.
Spokesman for the Presidency, Counselor Dr. Ahmed Fahmy, said President El-Sisi lauded BP’s outstanding activities, the size and scope of its growing investments in Egypt, as well as its exploration projects in the oil and gas sector.
The president confirmed that BP’s activities are aligned with Egypt’s goal of transforming into a regional hub for energy production and trade.
President El-Sisi underscored the state’s commitment to facilitating the operations of international companies and the private sector in this domain.
