BP Unveils a $1.5 Billion Investment Plan for Egypt 

With Mike Sosso (pictured), BP’s EVP Legal at the helm, the global company is set to make substantial investments in Egypt’s development and exploration activities, with plans to inject USD1.5 billion into the country’s energy sector. CEO Murray Auchincloss announced the ambitious investment strategy, highlighting BP’s intention to allocate these funds towards exploration endeavours over the next few years, with the potential for further investments reaching nearly USD5 billion. 

Auchincloss emphasized BP’s aim to leverage the current facilitation efforts in oil and gas exploration across both land and sea areas to accelerate development and production plans. These plans are designed to meet the increasing demand in the local market and support Egypt’s initiatives to export energy surplus. 

The announcement coincided with Egyptian President Abdel Fattah El-Sisi‘s meeting with BP’s Chief Executive Officer during the Egypt Petroleum Show, EGYPS 2024. The meeting, attended by Prime Minister Dr. Moustafa Madbouly, Minister of Petroleum and Mineral Resources Eng. Tarek El Molla, and BP Regional President for the Middle East and North Africa Nader Zaki, highlighted the importance of BP’s investments in Egypt. 

Presidential Spokesman Counsellor Dr. Ahmed Fahmy commended BP for its outstanding activities and growing investments in Egypt’s energy sector. President El-Sisi affirmed that BP’s endeavours align with Egypt’s vision of becoming a regional hub for energy production and trade. He reiterated the government’s commitment to supporting international companies and the private sector in advancing energy initiatives within the country.