Investments in Egypt make up 20% of BP’s total investments worldwide.
British Petroleum (BP) is expected to start gas production in Egypt sometime in 2017 and 2018, which will boost production and provide the domestic market with its needs, said the company’s CEO on Wednesday.
In a meeting with Egyptian petroleum minister Tarek El-Molla, BP’s CEO Bob Dudley said that the company’s investments in Egypt’s North Alexandria and Atoll fields amount to $15 billion, according to a statement.
Investments in Egypt make up 20% of BP’s total investments worldwide, Dudley added during the meeting attended by the BP’s chairman at BP Egypt Co., Hisham Mekkawy.
In May 2016, Egypt launched an international tender for oil and gas exploration in 11 sectors in different regions.
The Egyptian petroleum ministry announced in December 2016 that it accepted 6 oil and gas exploration offers, with estimated $200 million in investments. BP won the North-East of Ramadan site with at least $46 million in investments. It also signed a deal to drill 3 wells.
BP Egypt Co. has 100% of the Atoll exploration well, which is considered the second biggest oil field in the exploration programme inside the East Delta region, as per a statement.
Over the past several years, British oil and gas company announced a series of explorations in Egypt, including North Tort, South Seth, Salmon, Rahmat, Satis, Hedweh, Notes, and Salamat.
BP is one of the biggest foreign investors in the oil and gas sector in Egypt, with investments that amount to $25 billion.
The British company produces nearly 40% of Egypt’s total oil production in collaboration with Gulf of Suez Petroleum Co. (GUPCO), a partnership between BP and the Egyptian General Petroleum Corporation, which produces nearly 10% of Egypt’s total annual production of oil and natural-gas condensate.