Egypt has been in a seemingly endless financial crisis over the past decade, first due to political turmoil following the 2010 Arab Spring and then due to economic mismanagement. The recent Russian invasion of Ukraine has further exacerbated the complicated economic situation. However, Egypt recently signed a deal with the International Monetary Fund (IMF) to improve its economic outlook. And despite its financial woes, Egypt has continued to be a major international player in energy, with several exploration projects awarded in 2022, and new auctions now going ahead.
In November 2022, BP won two oil exploration blocks offshore the Nile Delta, in the Mediterranean Sea. The Northwest Abu Qir Offshore Area and Bellatrix-Seti East block were awarded to BP by the state-owned Egyptian Natural Gas Holding Company. BP owns an 82.75 percent stake in Northwest Abu Qir Offshore Area, with the rest belonging to Wintershall-Dea, and a 50 percent stake in the 3440km² Bellatrix-Seti East block, with 50 percent owned by Eni. BP was also awarded the North El Fayrouz offshore area, King Mariout Offshore Area, and the North El Tabya area extension in 2022.
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