- BP is considering selling some natural gas assets in Egypt as part of CEO Meg O’Neill’s overhaul to cut debt and focus on higher‑return projects. No final decisions have been made.
- Over six decades the company has invested more than $35 billion in Egypt, producing about 60% of the country’s natural gas through joint ventures in the East Nile and BP‑operated fields in the West Nile Delta.
- BP produced 518 million cubic feet per day of natural gas in Egypt in 2025, down 40% from 2024 and nearly 60% from 2023, reflecting maturing fields and supply constraints.
Oil major BP is preparing a significant reshuffle of its Egyptian business.
According to reports, the company’s recently appointed chief executive, Meg O’Neill, is exploring the sale of some natural gas assets to reduce debt and refocus the portfolio on projects with higher returns.
The deliberations reflect the financial pressures facing European oil majors as they fund low‑carbon investments, while coping with volatile prices and war‑driven market disruption.
Although no sale has been agreed, the possibility has already sparked speculation over who might take on assets that account for a majority share of Egypt’s gas output.
BP is deeply entrenched in Egypt, having invested over $35 billion since the 1960s. Through joint ventures in the East Nile Delta and its own fields in the West Nile Delta, the company produces about 60% of Egypt’s natural gas supply. Yet output has been sliding; production fell to 518 million cubic feet per day in 2025, 40% lower than the previous year and almost 60% below 2023 levels.
That decline partly reflects natural field depletion and difficulties maintaining investment during political turmoil. The West Nile Delta project – a five‑field development in the Mediterranean – has been a flagship asset, but it has reached plateau.
O’Neill’s review coincides with a recent gas and condensate discovery off Egypt’s coast and new exploration concessions, suggesting the company may want to refocus on exploration while shedding mature production.
A sale would reconfigure Egypt’s gas sector. Cairo has sought to boost LNG exports to Europe and Asia, leveraging its position as a hub connecting Middle Eastern gas to Mediterranean markets. If BP exits some assets, national companies such as Egyptian Natural Gas Holding or Gulf investors could step in – potentially changing partnership dynamics and gas flows.
For the UK, which imports LNG cargoes from Egypt through European terminals, any disruption in BP‑led production could influence supply reliability and prices. More broadly, the possible sale underscores a trend among supermajors to rationalise portfolios amid the energy transition – balancing new renewable investments with cash generation from legacy assets.
