Middle East & East Mediterranean Exploration & Production

BP bats away doubts over long-term focus on Egypt

By Rachel Williamson 6 April 2016
BP infrastructure in Egypt following the October 2015 licensing round. BP infrastructure in Egypt following the October 2015 licensing round.

BP is pushing ahead with plans to develop the Atoll offshore gas field and has said it intends to invest more in Egypt than in any other country. However, some industry figures claim Egypt is no longer a primary focus for the UK major.

Bernard Looney, head of BP’s upstream division, said in a meeting on Tuesday that Egypt will be the largest recipient of BP’s investment by 2020. BP has spent $25 billion in Egypt to date and produces about 40% of the country’s hydrocarbons, he added.