ENERGY major BP has signed agreements worth $12 billion (£8bn) to develop a massive gas field in Egypt.
The company said the deal, which comes after years of unrest in the country, was a “vote of confidence” in Egypt’s investment climate and economic potential.
BP and its partners aim to produce up to 1.2 billion cubic feet a day from the West Nile Delta (WND) project – equivalent to 25 per cent of the country’s current gas production. The announcement came days ahead of a major economic summit aimed at boosting foreign investment in Egypt.
Chief executive Bob Dudley said: “The WND project investment is the largest foreign direct investment in Egypt, and demonstrates our continued confidence in Egypt and our commitment to unlock its energy potential. WND production is key to Egypt’s energy security.”
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