Energean, Carlyle among bidders for BP gas assets off Egypt, sources say

By Stephanie Kelly

LONDON, July 29 (Reuters) - Dragon Oil, Carlyle Group, Energean and Artemis Energy are among the groups expected to bid this week for assets in BP's West Nile Delta natural gas development off Egypt, three sources familiar with the sale process said.

British oil major BP, which produces about 60% of Egypt's natural gas through joint ventures in the East Nile Delta and fields it operates in the West Nile Delta, is attempting to simplify its portfolio and cut debt and costs.

Details on the bids, which the sources said are due to be submitted by the end of the week, were not immediately clear.

BP and Carlyle declined to comment. Energean, Artemis and Dubai-based Dragon Oil did not immediately respond to requests for comment.

Reuters reported in May that BP was considering selling some of its gas assets in Egypt, citing sources. 

Egypt's domestic energy production has struggled to keep pace with rising demand and as global gas markets have remained tight during the Iran war.

BP, which has invested more than  $35 billion in Egypt over six decades, produced 518 million cubic feet per day of natural gas in the country last year, down about 40% from 2024 and nearly 60% from 2023.

In April, BP announced a gas and condensate discovery off Egypt's coast and earlier in 2026 was awarded the North-East El Alamein and West El Hammad offshore exploration concessions. 

(Reporting by Stephanie Kelly; Editing by Alexander Smith)