BP to boost presence in the Middle East

Image: The National 

In a bid to boost its presence in the Middle East, oil major BP has said that it aims to spend $1.8 billion in Egypt next year and $1 billion annually in Abu Dhabi.

Motivated by new discoveries and licensing rounds, BPs Chief Executive, Bob Dudly told The National that the expansion of operations would play a key role in the company’s strategy.

“We have spent in the last two years $6.8 billion in Egypt and it will be about $1.8 billion next year, Khazzan, is way out there in Oman and the Adco concession each year as well and is well over $1 billion of capital expenditure each year for Abu Dhabi, so it is a really important part of BPs world,” he said.

BPs Khazzan gas field is expected to produce up to 1.5 billion cubic feet of gas per day by 2021.

“We have had to step back a bit because of the BHP [acquisition] but we have been increasing our budgets in Oman in Egypt,” said Dudly.

Earlier this year, BP concluded its purchase of global miner BHP Billiton for $10.5 billion, as it looks to increase its presence in the U.S. shale basins