UK-based Energean entered exclusive negotiations to acquire a selection of BP’s upstream oil and gas assets in Egypt. The potential transaction carries a valuation of approximately $1 billion.
The divestment aligns with BP’s strategy to streamline its global portfolio and reduce corporate debt.
The package reportedly includes BP’s stakes in the producing offshore West Nile Delta assets. The deal also includes a 50% working interest in the Temsah concession.
The acquisition would allow Energean to diversify its production beyond its primary offshore gas fields in Israel. BP will retain its existing interests held through joint ventures, including its stake in the Zohr gas field.