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BP to invest 12 billion dollars in Egyptian gas fields

by ChemOrbis Editorial Team - content@chemorbis.com
  • 10/03/2015 (14:47)
According to local media sources, BP is planning to invest 12 billion dollars in Egyptian gas fields together with Russian-owned partner DEA. BP holds a 65-percent stake in the project and DEA owns the remaining 35 percent.

BP is already one of the largest foreign investors in Egypt and had already invested over 25 billion dollars in the country over the past five decades.

According to BP’s chief executive Bob Dudley, the West Nile Delta project is the largest foreign investment in Egypt. “West Nile Delta production is key to Egypt’s energy security. All the gas would be fed into the national grid and would eventually double BP’s supply to the domestic market,” he added. BP also underlined the fact that the construction phase of the project would employ thousands of people.

The project is aimed to develop five trillion cubic feet of gas resources and 55 million barrels of condensates, with production expected to begin in 2017. Gas will be produced by two BP-operated offshore blocks, North Alexandria and West Mediterranean Deepwater, with a potential for additional future exploration.
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