Enagás and Carlyle bid for BP Egypt assets

Eni, Caroil Group, Dragon Oil, and Artemis Energy are competing to acquire assets of BP Gas in a natural gas development project in the Nile Delta region of Egypt. This competition is part of BP's efforts to streamline its asset portfolio, reduce its debts and costs, amid a decline in gas production in Egypt by about 40% compared to the previous year, while facing increasing domestic demand and global market pressures. It is expected that the companies will submit their bids this week, according to informed sources. Egypt faces challenges in meeting its gas demand, while BP seeks to bolster its operations following new gas discoveries, as part of its efforts to reorganize its assets, reduce costs, and lower the company's debts.

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