British multinational oil and gas company BP will invest $3.5 billion in Egypt along with its partners over the next three years amid its expansion plan.
The investments will be allocated to exploration, production, and local development, according to a statement.
A part of BP’s investment will go towards renewable energy projects, with green hydrogen production highlighted as the most important project.
The company has invested more than $35 billion in the country during that time, according to its website.
The oil and gas company currently operates numerous energy projects in collaboration with Egyptian companies, both state-owned and private.
Together with its partners, BP currently produces around 60 percent of Egypt’s gas through a joint venture with the Pharaonic Petroleum Company and Petrobel in the East Nile Delta as well as through its operated West Nile Delta (WND) gas development.
The WND project includes five gas fields that produce one billion cubic feet per day of natural gas.
The development is worth $9 billion, as per BP’s Egypt country profile. The company also operates several other gas fields in Egypt. In 2018, it acquired a 10 percent interest in a concession that includes parts of the Zohr field.
BP’s chief executive said that the world must invest in the production of oil and gas to avoid price spikes while accelerating the energy transition to combat greenhouse gas emissions.
Mr Looney said his company would invest 40 percent of its capital on energy transition projects by the middle of this decade and 50 percent by the end of the decade.
“We will invest between $55 [billion] and $65 billion as BP this decade in energy transition growth engines,” he said at the B20 conference in New Delhi.
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