CAIRO, July 29 – Several international energy companies are expected to submit bids this week for BP’s West Nile Delta natural gas development in Egypt, as the British energy major continues efforts to streamline its global portfolio and reduce debt.
According to Reuters, citing sources familiar with the sale process, Dragon Oil, Carlyle Group, Energean and Artemis Energy are among the companies preparing offers for the offshore gas assets. Final bids are expected to be submitted before the end of the week.
The value and structure of the proposed bids have not been disclosed.
BP and Carlyle declined to comment on the sale process, while Dragon Oil, Energean and Artemis Energy did not immediately respond to requests for comment.
Reuters reported in May that BP was considering selling part of its Egyptian gas portfolio as part of a broader strategy to simplify its asset base while lowering costs and reducing debt.
Egypt remains one of BP’s most significant production hubs. Through joint ventures in the East Nile Delta and operations in the West Nile Delta, the company accounts for approximately 60% of the country’s natural gas production.
However, BP’s gas production in Egypt has declined in recent years. The company produced 518 million cubic feet of natural gas per day in the country last year, representing a decline of around 40% compared with 2024 and nearly 60% from 2023.
The potential asset sale comes at a time when Egypt is grappling with growing domestic energy demand and tighter global gas markets, factors that have placed increasing pressure on the country’s energy balance.
Despite reviewing parts of its portfolio, BP has continued investing in Egypt’s upstream sector. The company, which has invested more than $35 billion in the country over the past six decades, announced a new gas and condensate discovery offshore Egypt in April.
Earlier this year, BP also secured the North-East El Alamein and West El Hammad offshore exploration concessions, reinforcing its long-term presence in one of Africa’s largest natural gas producers.
The outcome of the bidding process could reshape ownership within Egypt’s offshore gas sector while supporting BP’s wider strategy to optimise its global portfolio amid changing energy market conditions.
