BP p.l.c. is in exclusive negotiations to sell a portfolio of Egyptian upstream oil and gas assets to Energean plc. The proposed transaction is valued at approximately $1 billion.
The deal includes BP's stakes in the offshore West Nile Delta producing assets. It also covers BP's 50% interest in the Temsah concession.
BP is divesting these assets to streamline its portfolio and reduce debt. This strategy allows the company to focus capital on its highest-value projects.
BP will retain its stake in the Zohr gas field through an existing joint venture. The acquisition would expand Energean's Egyptian footprint and diversify its operations beyond Israel.