Saudi Arabia: BP is preparing to invest about $1.5 billion to develop gas projects and drilling in Egypt over the next three to four years, the company said on Wednesday. 

The plans were earlier reported by Bloomberg News, citing a company spokesperson. 

Earlier this month, BP and state-owned Abu Dhabi National Oil Co. announced plans to form a joint venture in Egypt that will initially focus on natural gas. 

The joint venture, expected to be established in the second half of this year, will be 51 percent owned by BP and 49 percent by ADNOC, the companies said. 

BP will contribute its interests in three development concessions and exploration agreements in Egypt while ADNOC will make a proportionate cash contribution that can be used for future growth opportunities.