FINANCIAL NEWS

British BP to invest USD12b in Egypt Gas deal

08 Mar 2015

(MENAFN) British oil company BP is set to invest USD12 billion, with its partners, in a West Nile Delta concession deal to develop 5 trillion cubic feet of gas resources and 55 million barrels of condensates, Reuters reported.

The deal is set to aid Egypt in tackling its worst energy crisis in decades as increased energy consumption and decreased production have transformed the country from an energy exporter to an importer.

According to the British firm, under the deal, Egypt’s production will reach 1.2 billion cubic feet a day, which is equal to 25 percent of Egypt’s current gas production.

“BP expects to double its current gas supply to the Egyptian domestic market during this decade when the WND (West Nile Delta) project reaches its peak production,” BP North Africa Regional President said in a statement.

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