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But we saved everything 🙂.
BP invested $35 billion in Egypt as gas output drops, Mario Nawfal notes
Mario Nawfal, founder & CEO at IBC Group, reports that BP may be reconsidering its role in Egypt as the country's gas output has declined sharply.
According to Nawfal, BP has invested $35 billion in Egypt over six decades and is responsible for 60% of the nation’s natural gas production. However, Egyptian gas output has dropped by 40% from 2024 and nearly 60% from 2023.
Nawfal has recently commented on volatility in both energy and gas markets. Oil prices saw an over 11 percent plunge on speculation of an Iran deal before regaining half their losses, according to his report on recent oil price swings. Nawfal also covered how U.S. gas prices averaged $4.46 per gallon amid supply constraints and tanker delays in a separate market update.
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