2 weeks Ago By [email protected] (MENAFN)
( MENAFN - Daily News Egypt) Egyptian President Abdel Fattah Al-Sisi and Prime Minister Mostafa Madbouly met separately Monday with Murray Auchincloss, chief executive officer of British petroleum (BP), to discuss ongoing and future energy investments in Egypt. The meetings, attended by Minister of Petroleum and Mineral Resources Karim Badawi and BP's Regional President for the Middle East and North Africa Nader Zaki, focused on BP's continued commitment to Egypt's energy sector and expansion into renewable energy. During his meeting with Al-Sisi in Cairo, Auchincloss reaffirmed BP's commitment to expanding its operations and investments in Egypt's energy sector, highlighting the company's more than 60-year presence in the country.
“He expressed his appreciation for the meeting and pride in BP's more than 60-year presence in Egypt, reaffirming the company's commitment to expanding its operations and investments in Egypt's energy sector as a key partner in discovering and developing Egypt's natural gas and petroleum resources,” Presidential spokesperson Ambassador Mohamed El-Shenawy said. Al-Sisi commended BP's activities in Egypt's oil and gas sectors, noting the development of various Egyptian fields. He welcomed increased BP investment and assured the company of the government's commitment to facilitating international company participation and increasing private sector involvement in the energy sector.
The president also expressed Egypt's desire to expand cooperation with BP to include clean and renewable energy, particularly green hydrogen production, and to increase international company involvement in low-emission projects. In a separate meeting at the government headquarters in Egypt's New Administrative Capital, Madbouly expressed his appreciation for BP's work in the Egyptian market, noting its 60-year presence and cumulative investments exceeding $30bn. He highlighted BP's significant projects and ambitious plan to explore oil and gas in six concession areas, expressing confidence in further discoveries.
Madbouly thanked BP for its continued commitment to investing and operating in Egypt despite economic challenges, reaffirming government support for the oil and gas sector and its incentives to increase production. Auchincloss, also speaking at the meeting with Madbouly and Zaki, stated that BP remains a committed partner in Egypt, even during challenging times. He expressed his eagerness to strengthen the partnership with the Egyptian government, emphasizing Egypt's abundant oil and gas resources and BP's ongoing efforts to make further discoveries to meet local demand.
He reviewed BP's promising investment opportunities in several concession areas from 2025 to 2027, thanked the Prime Minister for beginning to settle BP's outstanding payments, and expressed hope for the speedy settlement of the remainder. The Prime Minister confirmed the prompt processing of the remaining payments. Auchincloss also outlined plans for commencing production from several wells, with one starting production in the first quarter of next year.
Minister Badawi and BP officials discussed accelerating production and timelines for commencing production from several wells and fields in BP's concession areas. MENAFN02122024000153011029ID1108947861 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article.
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