BP PLC is exploring the sale of several natural gas assets in Egypt. CEO Meg O'Neill is directing the move as part of a strategic restructuring. The divestment aims to reduce corporate debt and refocus on high-profit projects.
BP has invested more than $35 billion in Egypt over the last six decades. However, the company's local gas production fell nearly 60% from 2023 levels. Output reached 518 million cubic feet per day in the last year. Sources familiar with the matter state that no final decisions have been reached.