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BP to sell mature oil field assets in Egypt, shifts focus to gas

18.03.2018

•U.K. company has begun process to sell mature fields in Egypt.
•A sale could be sensitive because the assets employ thousands.

BP Plc has begun a process to sell mature oil fields in Egypt as it shifts investment in the country to natural gas, according to people with knowledge of the matter.

The so-called Gulf of Suez assets have been on sale for a few months and BP is hoping a deal will raise about $1 billion, the people said, asking not to be identified as the process isn’t public. The company’s other investments in the North African country include a stake in the giant Zohr gas field.

BP has a target to sell $2 billion to $3 billion of assets this year, down from $4.3 billion in 2017, as it continues to shore up its finances following crude’s collapse and a disastrous 2010 oil spill. Divesting the Egyptian onshore fields could be sensitive as they employ thousands of local staff, the people said.

BP declined to comment.

(Source: Bloomberg)