British Petroleum Exploration, a subsidiary of BP, and ADNOC International Limited are partnering to establish a joint venture aimed at holding BP’s rights in concession contracts for natural gas in Egypt. This partnership, disclosed to the Egyptian Competition Authority (ECA), focuses on the exploration, extraction, and marketing of natural gas and condensates from selected fields in Egypt.

In August, Egypt's Ministry of Petroleum and Mineral Resources announced that the Egyptian Natural Gas Holding Company (EGAS) launched a new global bidding round for 2024. This round targets the exploration of natural gas and crude oil across 12 sectors in the Mediterranean Sea and the Nile Delta, including 10 offshore and two onshore areas. The initiative is part of Egypt’s strategy to attract new investments by tapping into opportunities in the gas and oil sectors.

Furthermore, BP’s CEO Bernard Looney confirmed a $3.5 billion investment plan for the Egyptian market over the next three years. This announcement followed discussions with Egyptian President Abdel Fattah El-Sisi and Nader Zaki, BP’s regional president for the Middle East and North Africa.