BP weighs sale of Egyptian gas assets to reduce debt

BP PLC is considering the sale of natural gas assets in Egypt to reduce corporate debt. The assets include joint ventures in the East Nile Delta and operated fields in the West Nile Delta. Divesting these holdings allows BP to pivot toward higher-margin projects under a new restructuring plan led by CEO Meg O'Neill.

BP has invested $35 billion in the country over six decades and currently produces 60% of the nation's gas supply through regional partnerships. The sale process is in its early stages, with four people familiar with the matter confirming discussions are underway. No final decisions have been reached regarding which specific Egyptian assets will be offloaded.