Energean is in exclusive discussions with bp to purchase a selection of the British company’s upstream oil and gas holdings in Egypt, reported Reuters, citing two people involved in the process.
The proposed transaction could raise around $1bn for bp.
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It could involve bp’s interest in the producing offshore West Nile Delta assets, operated jointly with Harbour Energy, and its 50% contractor working interest in the Temsah concession in the Eastern Mediterranean.
Eni, which jointly owns Temsah, recently announced the discovery of an estimated two trillion cubic feet of gas through the Denise West well.
The Italian company stated that a final investment decision regarding this find, in collaboration with its partners and the Egyptian authorities, is expected in the coming months.
BP has operated in Egypt for more than 60 years and invested more than $35bn in the country.
The company’s production in Egypt stood at 518 million cubic feet per day of natural gas last year, a decline of around 40% from 2024 and nearly 60% from 2023.
As part of its efforts to simplify its portfolio and control debt and costs, bp would keep its interests in Egypt held through the Arcius joint venture with United Arab Emirates-based XRG, including its share of the Zohr gas field.
Energean has previously stated its intention to look beyond its primary gas fields offshore Israel, which have faced repeated shutdowns due to regional conflict, and to grow operations into Egypt and West Africa.
Reuters reported last month that a range of bidders including Dragon Oil, Carlyle Group, Energean and Artemis Energy had been expected to pursue bp’s West Nile Delta assets.
