Deals
BP Selling Egyptian Oil Assets as Focus Shifts
- U.K. company has begun process to sell mature fields in Egypt
- A sale could be sensitive because the assets employ thousands
Photographer: Simon Dawson/Bloomberg
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BP Plc has begun a process to sell mature oil fields in Egypt as it shifts investment in the country to natural gas, according to people with knowledge of the matter.
The so-called Gulf of Suez assets have been on sale for a few months and BP is hoping a deal will raise about $1 billion, the people said, asking not to be identified as the process isn’t public. The company’s other investments in the North African country include a stake in the giant Zohr gas field.