BP and Egypt seal $12bn deal

Ahram Online , Saturday 14 Mar 2015

BP to develop gas resources and condensates in the West Nile Delta

BP CEO with Egyptian petroleum minster
BP CEO Bob Dudley (2nd from R) signs with Egypt's Petroleum Minster Sherif Ismail (L) a $12 billion investment deal, the biggest in Egypt's history during Egypt's Economic Development Conference in Sharm el-Sheikh, Egypt, Saturday, March 14, 2015 (Photo: Fouad Mansour)

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.

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