BP is trading 4.16% up now at £535.90 after reports it is nearing an approximately $1 billion sale of Egyptian upstream oil and gas assets to Energean.
- Proceeds are expected to reduce debt and support portfolio simplification.
- Reuters reported the proposed transaction includes BP’s West Nile Delta stakes and Temsah interest.
- The broader energy sector rallied as Brent crude rose above $91 amid heightened U.S.-Iran tensions and Strait of Hormuz supply-disruption fears.