BG Egypt plans $2b investment

07 Jul 2010

(MENAFN) BG Group’s Egyptian subsidiary said that it will invest $2 billion to install a pipeline and drill new wells off Egypt’s Mediterranean coast to help meet the country’s growing demand for gas, Reuters reported.

BG Egypt, the country’s largest natural gas producer, said it expected the new offshore pipeline, its third in the West Delta concession, to be operational by the end of this year and would enable the firm to maintain its current production levels.

The firm will also drill nine wells in West Delta, which will be operational by late 2011, BG Egypt President Arshad Sufi said.

BG Group was one of six firms that won offshore oil and gas blocks in the Mediterranean in February. Egypt’s proven natural gas reserves were 77.2 trillion cubic feet in its 2008/09 fiscal year, according to the oil ministry.

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