BP and Egypt seal $12bn deal

BP CEO with Egyptian petroleum minster 14/03/2015 (Ahram Online – Egypt): Cairo has signed on Saturday a final deal with British Petroleum worth $12 billion over four years, reportedly the biggest single foreign investment in Egypt’s history. Under the terms of the deal, the British energy company will develop 5 trillion cubic feet of gas resources and 55 million barrels of condensates in the West Nile Delta, with production expected to begin in 2017.Gas will be produced by two BP-operated offshore blocks — North Alexandria and West Mediterranean Deepwater — with the potential for future exploration.The project is expected to employ thousands of people…

http://english.ahram.org.eg/NewsContent/3/162/125193/Business/EEDC-/BP-and-Egypt-seal-bn-deal.aspx

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