• 2 minutes CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 7 minutes Sources confirm Trump to sign two new Executive orders.
  • 6 hours COVID is real now
  • 24 hours Is the oil & gas industry on the way out?
  • 24 mins The Boris Yeltsin of America
  • 22 mins Is Biden the poster child for White Privilege ? DNC needs to replace him now before it's too late.
  • 5 hours Australian renewables zone attracts 27 GW of solar, wind, battery proposals
  • 2 days In a Nutshell...
  • 7 hours Why Oil could hit $100
  • 2 days Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 4 days Where is Alberta, Canada headed?

Breaking News:

The Best And Worst Commodities In 2020

Libya Lifts Force Majeure On All Oil Exports

Libya Lifts Force Majeure On All Oil Exports

After six months of port…

More Curtailed US Oil Production Coming Back Online

More Curtailed US Oil Production Coming Back Online

Houston-based Noble Energy plans to…

BP To Expand Mideast Presence With $2.8B Investment

BP will spend US$2.8 billion next year on expanding its operations in the Middle East, a company’s chief executive told The National in an exclusive interview. The supermajor will spend US$1 billion annually in Abu Dhabi, Bob Dudley told the Emirati daily, and another US$1.8 billion will be spent in Egypt in 2019.

Recovering oil prices are the main reason behind this investment decision, but new discoveries in the region and new licensing rounds have also helped considerably, likely strengthening the positive outlook of BP for the Middle East.

"We’ve spent in the last two years $6.8 billion in Egypt and it will be about $1.8 billion dollars next year, Khazzan, is way out there and in Oman and the Adco concession each year as well is well over a $1 billion of capital expenditure each year for Abu Dhabi, so it’s a really important part of BP’s world,” Dudley told The National.

One of the projects that BP is interested in investing in the UAE is the Ruwais refinery expansion, which Adnoc, Abu Dhabi’s state oil company, plans to spend US$45 billion on over five years, in partnership with other companies.

The Ruwais refinery currently has a daily capacity of 132,000 bpd and after the expansion this will rise to 280,000 bpd.

BP also has a solid and long-standing presence in Egypt where it has produced a cumulative 40 percent of total crude oil output. To date, BP accounts for a tenth of Egypt’s oil production and more than half of its gas production. Recently, the company tried to sell US$500 million worth of its assets in the North African country to SDX Energy, but the talks fell through.

Elsewhere in the Middle East, BP earlier this year announced it would launch the second phase of development of the Khazzan gas field in Oman, which will bring its total production to 1.5 billion cu ft of gas daily.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • Rhonda Smith on November 12 2018 said:
    Youd think with all the money the BP industry is buying and pulling many thousands of dollars in they'd pay us our chronicle claim $$ owed to us since we are the ones whom cleaned up there messes and ate suffering in the long term for it. It bothers me a great deal to even read what all is going on with the oil fields especially after deep water horizon clean up in bay county and other areas as WELL. Sincerely a deep water horizon clean up worker.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News