BP Plans Egypt Asset Sale As Output Declines

22 May 2026 Issue: 69 / 21 By: Peter Stevenson

The constant cycle of multi-million-dollar investments just to keep oil and gas output steady in Egypt appears to have lost its attraction for BP. A new strategy ushered in by new CEO Meg O’Neill could lead to a sharp retrenchment, although not quite the end of the UK major’s 60-plus year presence in Egypt.

Is BP’s storied presence in Egypt coming to a close? The market is on alert after a Reuters report on 15 May, confirmed by MEES, revealed that the UK major has sounded out a number of companies about a potential fire sale. Despite speculation that BP is planning to exit entirely, MEES learns that the assets of Arcius Energy (BP’s 51:49 JV with UAE state firm XRG) are not yet up for sale, at least for now.

If BP is considering a complete exit after more than 60 years in the country, it is possible that the Arcius stakes could all be sold to XRG in a separate deal. When Arcius was formed in December 2024 (MEES, 20 December 2024), sources close to the transaction speculated that much of BP’s remaining Egyptian portfolio would eventually come under the JV’s umbrella. (CONTINUED - 1179 WORDS)