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BP plans to invest in Egypt to increase gas supplies

by ChemOrbis Editorial Team -
  • 11/12/2014 (16:47)
According to media reports, British oil major BP is planning to invest $12 billion in Egypt in the next five years in order to increase their gas supplies from the country. BP accounts for almost 15% of Egypt’s overall oil production and more than 30% of the country’s gas production along with their partners. In line with the upcoming investments projects, the company aims to gradually double its gas supplies during the decade and thereby meet the needs of Egypt’s domestic demand.

Since the domestic turmoil in 2011, Egypt has been in an energy crisis and the government has requested major oil producers to invest in Egypt in order to speed up recovery. The government has recently been diverting some production originally slated for export to the domestic market and has been paying less than the international spot price for the gas thus diverted.

Meanwhile, Egypt has not yet repaid its $4.9 billion debt to foreign oil and gas companies remaining from the domestic turmoil in 2011. The government is expected to pay this debt within the next six months.
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