Egypt, BP to close $10bn gas fields deal

: Sunday, June 22 - 2014 @ 01:01

Egypt’s petroleum minister, Sherif Ismail has said the government is to finalise a deal with British Petroleum (BP) to invest $10bn in gas fields in Alexandria governorate, Ahram has reported. The fields, discovered by BP, are estimated to hold five trillion cubic feet of gas and produce 1.2 million cubic feet per day, which is equivalent to 20% of Egypt’s current daily gas production. Egypt has suffered an energy crisis in the past three years, most evident in frequent electricity blackouts. Consumption of natural gas is projected to increase 12.5% year-on-year to 5.57 billion cubic feet per day in fiscal year 2014/15.

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Sunday, June 22- 2014 @ 1:01 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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