BP unveils plans to invest $12bn in Egypt gas fields

07/03/2015 (Gulf Daily News – Bahrain): LONDON: British energy giant BP yesterday unveiled plans to invest a record $12 billion in Egyptian gas fields with Russian partner DEA in a ‘vote of confidence’ for the troubled nation.The investment ‘“ equivalent to 11bn euros ‘“ will be on the West Nile Delta (WND), the company said, and comes despite concern over a surge in deadly militancy in Egypt.The London-listed group holds a 65 per cent stake in the project, while DEA owns the remaining 35pc.BP is seeking to rebalance its capital expenditure programme to combat the impact of slumping oil prices, which have slashed its profits and revenues.’The project underlines BP’s commitment to the Egyptian market and is a vote of confidence in Egypt’s investment climate and economic potential,’ BP said.The aim is to develop five trillion cubic feet of gas resources and 55m barrels of condensates, with production expected to begin in 2017, it added.BP ‘“ which has been in Egypt for 50 years with investments totalling more than $25bn ‘“ is the biggest foreign investor in the key African energy hub…

http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=397229

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