BP looks to sell out of Gulf of Suez

BP is running a process to sell its more mature fields in the Gulf of Suez, Egypt. The sale is hoped to raise between USD500 - 1,000 million.

The exit of the Gulf of Suez will allow BP to focus more on its deepwater gas portfolio in the country's offshore in the West Nile Delta and Eastern Mediterranean including the Zohr field which it entered at the end of 2016.

BP has 100% of the fields in the Gulf of Suez area and operates them in a JV with the government called Gulf of Suez Oil Company or GUPCO.

GUPCO produces over 70mbopd of oil and 400mmcfpd of gas.