Egypt fast-tracks payments as BP outlines future investment plans
The Egyptian government is taking steps to expedite payments to companies and streamline the regulatory process, as part of its broader commitment to fostering a business-friendly environment.
During a meeting on Monday, Egyptian Prime Minister Moustafa Madbouly discuss with Murray Auchincloss, CEO of British Petroleum (BP), and Nader Zaki, BP’s Regional President for the Middle East and North Africa, the ongoing collaboration and future prospects for the oil and gas sector in Egypt.
BP, in turn, reaffirmed its dedication to Egypt, underscoring the company’s commitment to its long-standing partnership with the country. Auchincloss highlighted BP’s continued investments in exploration and production activities, particularly in six key oil and gas concession areas in Egypt. The company’s efforts are expected to contribute to new discoveries and help meet growing domestic energy needs.
During the meeting, Prime Minister Madbouly praised BP’s contributions to Egypt’s energy landscape, pointing to the company’s 60-year presence and more than $30 billion in cumulative investments. He noted that BP’s ambitious exploration plans offer significant potential for further discoveries and added that Egypt remains committed to providing support for the oil and gas sector through incentives aimed at increasing production.
The Egyptian government is committed to fostering an environment that supports companies like BP, recognising that their investments are vital to the nation’s economic growth. Prime Minister Madbouly emphasised that the government will continue to prioritise the energy sector and collaborate with international partners to unlock additional opportunities for development.
Auchincloss expressed BP’s confidence in Egypt’s energy potential and shared the company’s plans to ramp up investments between 2025 and 2027, which will include expanding exploration and production efforts in Egypt’s offshore and onshore fields. He also thanked the government for its efforts in addressing outstanding payments, with the prime minister assuring BP that the remaining dues would be cleared promptly.
The two sides also discussed BP’s plans to begin production from new wells, with one set to commence operations in the first quarter of next year.
Attribution: The Egyptian Cabinet
