Adnoc is to pay BP close to $2bn for the effective transfer of 49% of six gas-focused BP Egypt Mediterranean assets with net output of 600mn cfd as part of a new JV agreed in February (MEES, 16 February). The “proportionate cash contribution” from Adnoc “will make up a good chunk of [BP’s] $2-$3bn divestment proceeds target [for 2024],” CEO Murray Auchincloss says. “We are waiting for completion in the second half of the year, probably 3Q, 4Q. It depends really on how we move our way through with the Egyptian authorities,” he told the firm’s Q1 earnings call last week.

BP’s Q1 results saw the major record a $200mn loss on the write-down of its Egyptian pound currency balance following Egypt’s devaluation as part of a landmark deal with the IMF at the start of March (MEES, 8 March). (CONTINUED - 188 WORDS)