BP is to spend over $1billion (£724million) in Egypt this year, chief executive Bob Dudley has told Reuters.
He told the news agency that the country’s government no longer owed the company money and that the move will once again make the country a top destination for investment.
The country owed $2.4billion (£1.7billion) at the end of June 2017 and has pledged to eliminate arrears owed to foreign oil companies by the end of June 2019.
On the side-lines of an industry event in Egypt, he said: “The government owes us no money.”
He added that he did not see a supply shock before the end of the decade or beyond and that BP was planning for prices between $50 and $65 a barrel until 2020.
“We’re planning this year $55 a barrel today for 2018 even though we’re a little above that and we might be a little above that throughout the year.”