BP's Egyptian Gas Assets Near a One Billion Dollar Sale to Energean

According to Oilprice.com's Tom Kool, in a report published Thursday, 5 Shahrivar 1405 (August 27, 2026), Reuters reported exclusively, citing two people familiar with the talks, that Energean is in exclusive negotiations to buy a package of BP's oil and gas assets in Egypt, a deal that could raise about one billion dollars for the British energy major. BP and Energean declined to comment.

The proposed package includes BP's interest in the West Nile Delta gas assets, held jointly with Harbour Energy, and its 50 percent contractor stake in the Temsah concession in the eastern Mediterranean. The report said Temsah's value has risen significantly following this year's Denise West discovery, which Italy's Eni estimates holds about two trillion cubic feet of gas and 130 million barrels of condensate. BP, Eni and the Egyptian General Petroleum Corporation aim to reach a final investment decision within the next few months. Reuters reported in July that Energean was competing with Dragon Oil, Carlyle Group and Artemis Energy for the assets.