Home > World Business
BP Selling Egyptian Oil Assets as Focus Shifts
Photographer: Simon Dawson/Bloomberg
March 16th, 2018 | 12:20 PM | 527 views
BLOOMBERG.COM
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.
Source:
courtesy of BLOOMBERG
by Angelina Rascouet and Dinesh Nair
If you have any stories or news that you would like to share with the global online community, please feel free to share it with us by contacting us directly at [email protected]