Energean in talks to acquire BP’s Egyptian gas assets for $1 billion

Energean is in exclusive negotiations to acquire certain upstream oil and gas assets from BP in Egypt. The deal, which could yield approximately $1 billion for BP, involves the company’s interests in the West Nile Delta offshore fields, held jointly with Harbour Energy, and a 50% contractor working interest in the Temsah concession in the Eastern Mediterranean.

The Temsah concession, which also includes Eni as a partner, recently saw a significant natural gas discovery of approximately 2 trillion cubic feet following the Denise West well drilling. Companies and the Egyptian state are currently working toward a final investment decision (FID) regarding the development of this discovery in the coming months.

This acquisition aligns with Energean’s strategy to expand its geographic footprint beyond its primary gas fields off the coast of Israel, targeting regions such as Egypt and West Africa. Meanwhile, BP is pursuing a broader strategy to simplify its portfolio and reduce debt and costs, though it is expected to retain its Egyptian assets held through the Arcius joint venture with UAE-based XRG, which includes the Zohr gas field.