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Oil & Gas

BP looking to grow in Egypt, will not increase stake in Zohr field

BP
Posted: October 28, 2018 at 2:51 pm   /   by   /   comments (0)

BP CEO Bob Dudley told Reuters on Thursday that BP was looking to grow in Egypt where it is developing the West Nile Delta project. BP had pledged USD 2 billion in new investments in 2019.

That said, BP will not raise its stake in Zohr for “capital employment reasons,” Dudley said. The option for BP to acquire a larger stake in Zohr has expired. BP already owns a 10% stake in Zohr. BP and Eni are planning to begin joint exploration in Libya in 1Q2019, Dudley said.

BP is looking to grow in Egypt where it is developing the West Nile Delta project, CEO Bob Dudley told Reuters on Thursday. He said the expansion plans for the project were expected to be completed at the end of the year with more expansion further down the road.

BP bought a 10 percent stake in the giant Zohr gas field that Eni discovered in Egypt and had an option to raise that stake.  “The option expired… We won’t be raising our stake for capital employment reasons,” he said.

(Sources: Enterprise.press & Reuters)

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