Energean in talks to acquire BP’s Egyptian gas assets

Energean is in exclusive talks to acquire upstream oil and gas assets from BP in Egypt, a deal that could raise approximately $1 billion for BP. The potential package includes BP’s stakes in its operated offshore West Nile Delta assets, held jointly with Harbour Energy, as well as its 50% contractor working interest in the Temsah concession alongside Eni. This acquisition would allow Energean to diversify its Mediterranean footprint beyond its existing Israeli and Greek assets.

Separately, the Egyptian General Petroleum Corporation (EGPC) has reviewed the fiscal year 2025/26 results for PetroZenima and Alamein Petroleum. Alamein Petroleum met 100% of its production targets, producing 613,200 barrels from the Horus and East Abu Sennan fields. PetroZenima is focusing on developing remaining reserves of approximately 4 million barrels through new exploration studies targeting specific geological formations.

While BP is negotiating the sale of these mature, gas-weighted assets, the company will retain its Egyptian holdings through the Arcius joint venture with UAE-based XRG, which includes exposure to the Zohr gas field.