Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
BP PLC - London-based oil major - Wins two new exploration blocks in the Mediterranean, offshore Egypt. Says the blocks were awarded to BP by Egyptian Natural Gas Holding Co, an Egyptian state-owned company. The areas are called the Northwest Abu Qir offshore area and the Bellatrix-Seti East block. BP holds a 83% interest in the first area and a 50% interest in the second area.
Anja-Isabel Dotzenrath, BP executive vice president for gas & low carbon energy, says: ‘Egypt has long been important for BP with almost 60 years of successful partnership and more than $35 billion invested. We now look forward to an even more successful future, continuing to help meet Egypt’s growing energy needs by providing cost-competitive supplies of gas and supporting Egypt through the energy transition by exploring growth opportunities in hydrogen for example.’
In addition to the two new blocks, earlier in 2022, BP was awarded the King Mariout Offshore Area, North El Fayrouz offshore area, and the North El Tabya area extension.
Current stock price: 479.50p, down 1.8%
12-month change: up 46%
Copyright 2022 Alliance News Limited. All Rights Reserved.