BP unveils development deal for Egyptian gas fields
British energy giant BP has unveiled plans to invest USD 12 billion in gas fields in Egypt despite concerns over growing insecurity across the North African country.
The UK-based energy company would invest together with Russian-owned partner DEA to develop major gas fields in the West Nile Delta (WND) region.
BP Group Chief Executive Bob Dudley said in a statement on Friday that the project is his company's "largest foreign direct investment in Egypt."
The statement also added that the investment is "a vote of confidence in Egypt's investment climate."
"The project underlines BP's commitment to the Egyptian market and is a vote of confidence in Egypt's investment climate and economic potential."
The BP has already existing operations in the Gulf of Suez and the East Nile Delta.
Sources say the project aims to produce five trillion cubic feet of gas and 55 million barrels of condensate. Production is expected to begin in 2017 and reach up to 1.2 billion cubic feet a day.
The developments come as Egypt has been trying to attract foreign investment after years of unrest.
Multinational companies are hesitant to invest across Egypt due to growing insecurity and militancy.
The militant groups that have been wreaking havoc in the troubled Sinai are now attempting to penetrate into other parts of the country.
Multiple explosions have recently hit the country’s biggest cities in the Nile Delta, the Mediterranean, and Upper Egypt. The capital, Cairo, has been also rocked by several deadly bomb blasts in recent days.
Egypt has been experiencing unrelenting violence since Mohamed Morsi, the first democratically-elected president, was ousted on July 3, 2013.
JR/AS/MHB
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