BP is considering the sale of parts of its natural gas portfolio in Egypt as the energy giant reviews its global operations under new Chief Executive Meg O’Neill, according to sources familiar with the matter. The potential move forms part of broader efforts to reduce debt and prioritize higher-return projects.
The company, which has invested more than $35 billion in Egypt over the past six decades, currently accounts for around 60% of the country’s natural gas production through joint ventures in the East Nile Delta and operated assets in the West Nile Delta. Sources said discussions remain at an early stage, with no final decisions made.
BP declined to comment on what it described as market speculation. The company’s West Nile Delta project includes five offshore gas fields across the North Alexandria and West Mediterranean Deepwater blocks in the Mediterranean Sea.
The British oil major produced approximately 518 million cubic feet of natural gas per day in Egypt last year, marking a sharp decline from output levels recorded in 2024 and 2023. Despite evaluating asset sales, BP has continued expanding its footprint in Egypt, announcing a gas and condensate discovery offshore in April and securing new exploration concessions earlier this year.
The review highlights BP’s attempt to balance portfolio restructuring with ongoing investment in regions viewed as strategically important for future energy production.