BP signs energy deal worth USD 12 billion in Egypt

 


British oil company BP on Saturday finalised a US $12-billion deal with Egypt to develop 5 trillion cubic feet of gas resources and 55 million barrels of condensates in the West Nile Delta.
The gas supply deal, signed at an international investment conference in the Sharm El-Sheikh resort, will help Egypt as it tackles its worst energy crisis in decades.





BP said it had about 65 per cent equity in the project partnership and production was expected to start in 2017.
Rising energy consumption and decreasing production have turned the country from a net energy exporter to a net importer in the last few years and caused persistent blackouts.
BP said that production from the project was expected to reach up to 1.2 billion cubic feet a day, equivalent to about 25 per cent of Egypt's current gas production.
(Reuters)