Continental Focus, International Reach

BP Plans Egypt Spend

Thursday, November 15, 2018

BP is planning to spend more than a billion dollars on its assets in Egypt in the coming year. According to Bob Dudley, BP chief executive, the company will spend $1.8 billion in Egypt and an additional $1 billion annually in Abu Dhabi on new discoveries and licensing rounds as it looks to expand its operations in the Middle East.

“We’ve spent in the last two years $6.8billion in Egypt and it will be about $1.8billion dollars next year, Khazzan is way out there in Oman and the Adco concession each year as well is well over a $1billion of capital expenditure each year for Abu Dhabi, so it’s a really important part of BP’s world,” Bob Dudley told The National in Abu Dhabi.

Khazzanis BP’s massive gas  development project in the Omani desert, which is expected to produce up to 1.5 Bcf/d by 2021. Adco is the former name for some of Abu Dhabi National Oil Company’s offshore concessions.

“We’ve reviewed, and we’re part of the process with Ruwais,” he said. “We’ve been working with Egypt and the government there and are involved in the downstream there. We do a lot there,” he said.