BP to sell mature oil field assets in Egypt, shifts focus to gas

BP Plc has begun a process to sell mature oil fields in Egypt as it shifts investment in the country to natural gas, according to people with knowledge of the matter.

The so-called Gulf of Suez assets have been on sale for a few months and BP is hoping a deal will raise about $1 billion, the people said, asking not to be identified as the process isn’t public. The company’s other investments in the North African country include a stake in the giant Zohr gas field.

BP has a target to sell $2 billion to $3 billion of assets this year, down from $4.3 billion in 2017, as it continues to shore up its finances following crude’s collapse and a disastrous 2010 oil spill. Divesting the Egyptian onshore fields could be sensitive as they employ thousands of local staff, the people said.

BP declined to comment.

(Source: Bloomberg)