BP deal to develop Egypt gas field

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Published: Friday 6th March 2015 by The News Editor

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Energy company BP has signed agreements worth 12 billion dollars (£7.9 billion) to develop a major gas field in Egypt.

BP said in a statement that the investment is “a vote of confidence in Egypt’s investment climate”. The country has been trying to attract foreign investment after four years of unrest.

The West Nile Delta project aims to produce five trillion cubic feet of gas and 55 million barrels of condensate.

Production is expected to begin in 2017 and reach up to 1.2 billion cubic feet a day, or about 25% of Egypt’s current production.

BP group chief executive Bob Dudley said the project is his company’s “largest foreign direct investment in Egypt”.

The announcement comes days ahead of a major economic conference aimed at boosting foreign investment.

Published: Friday 6th March 2015 by The News Editor

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