BP Plans To Invest $1.5 Billion In Egypt Gas Projects

BP is preparing to invest about $1.5 billion to develop gas projects and drilling in Egypt over the next three to four years, the company said on Wednesday.

The plans were earlier reported by Bloomberg News, citing a company spokesperson.

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 established in the second half of this year, will be 51% owned by BP and 49% by ADNOC, the companies said.

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.

(Reporting by Deep Vakil in London; Editing by Kirsten Donovan and Jane Merriman)