 |
| BP's Chief, Robert Dudley. (picture credit: Bloomberg) |
Energy giant BP is set to begin works on deep-water natural gas production project in Egypt's Mediterranean basin this week.
The CEO of the British oil giant last week met with Egypt's president, prime minister and petrol minister, where it was announced that the company will invest $10 billion in Egypt in the coming five years.
BP's offshore project is expected to add 20% to Egypt's natural gas production, he added that this was capable of creating up to 5,000 jobs in Egypt.
Earlier in August BP Egypt had announced two new discoveries in Egypt's Nile Delta which marked the fourth and fifth discoveries made by BP in the concession, following Satis-1, Satis-3 Oligocene deep discoveries and Salmon-1 shallow Pleistocene discovery earlier made.
Egypt is the largest producer of gas in Africa, providing exports to Europe and Asia, its prove gas reserves sit at 77 trillion cubic feet (Tcf), an increase from estimate made in 2010 of 58.5 Tcf the third in Africa, after Nigeria and Algeria.
Subscribe to:
Post Comments
(Atom)
0 comments:
Post a Comment