BP to put US$12b in Egyptian gas fields
Print Edition
BRITISH energy giant BP said yesterday it would invest US$12 billion in gas fields in Egypt together with Russian-owned partner DEA, calling it a “vote of confidence” in the country.
“The WND (West Nile Delta) project investment is the largest foreign direct investment in Egypt,” BP’s Chief Executive Bob Dudley said in a statement after final agreements were signed.
“WND production is key to Egypt’s energy security,” he said, with BP announcing that all the gas would be fed into the national grid and would eventually double BP’s supply to the domestic market.
Hesham Mekawi, BP North Africa’s regional president, said the agreements marked “a critical milestone in the Egyptian oil and gas history.”
BP said during construction the project would employ thousands of people.
The aim is to develop 142 billion cubic meters of gas resources and 55 million barrels of condensates, with output set to start in 2017.
“The project underlines BP’s commitment to the Egyptian market and is a vote of confidence in Egypt’s investment climate and economic potential,” the statement said.
Gas will be produced by two BP-operated offshore blocks — North Alexandria and West Mediterranean Deepwater — with a potential for future exploration.
BP holds 65 percent in the project while DEA owns the remaining 35 percent.
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