BP seeks USD 1 bn from sale of Egypt oil assets, expected to focus more on Egypt and Oman after failing to renew UAE concessions

BP is hoping to raise USD 1 bn from “mature oil assets in Egypt” that it has recently put up for sale, sources close to the matter tell Bloomberg. The move is part of the company’s strategy to “maintain capital discipline,” they add. This comes as BP “missed out on a chance to renew its partnership in oil concessions off the [UAE’s] shores, which expired this month,” which means that it will now need to focus its efforts on other regional gas assets, including Egypt’s Zohr and Oman’s Khazzan, in addition to its 2016 concessions.