BP earmarks $3 bln for Middle East expansion

UK-based multinational oil and gas company BP Plc is planning to expand its operations in the Middle East by investing close to $3 billion in the UAE and Egypt next year, The National reported, citing CEO Bob Dudley.

The British oil major will invest $1.8 billion in Egypt in 2019, while it plans to spend $1 billion annually in Abu Dhabi.

Currently, discussions are underway to deploy capital in ADNOC's Ruwais downstream facility, Dudley said.

"We’re very interested in the ADNOC concessions. We’ll be doing more in natural gas, with Adgas I think, so the commitment remains there. We’re looking at exploration in Abu Dhabi, [with] the new blocks that were announced.”

ADNOC Group chief executive Sultan Al Jaber said in May that the state-run oil major intends to invest more than $45 billion in downstream operations over the next five years.