Energean is holding exclusive discussions over a possible purchase of selected upstream assets owned by BP in Egypt, Reuters reported, citing two people involved in the process.
The assets being discussed include BP’s interests in the producing offshore West Nile Delta assets, which it owns jointly with Harbour, according to the sources. The potential transaction also covers BP’s 50% contractor working interest in the Temsah concession in the eastern Mediterranean.
The sources said a transaction involving the assets could provide BP with about $1 billion.
Denise West is located within the Temsah concession. Eni, a co-owner of Temsah, said on 25 August 2026 that the discovery holds an estimated 2 TCF of gas and 130 Mbbl of condensate in place.
Eni also said it is working with BP and EGPC toward a final investment decision for Denise West in the next few months.
Other Egyptian interests held by BP through Arcius, its joint venture with UAE-based XRG, would remain with the company under the potential transaction, according to the Reuters sources. These assets include the Zohr gas field.
Reuters reported that BP has invested more than $35 billion in Egypt over six decades. Its natural gas production in the country was 518 million cubic feet per day last year, down about 40% from 2024 and nearly 60% from 2023.
Neither Energean nor BP provided Reuters with a comment on the discussions.
Reuters had reported in July that Dragon Oil, Carlyle Group, Energean and Artemis Energy were among the groups expected to bid for assets in BP’s West Nile Delta natural gas development offshore Egypt.
