BP plans $12bn Egyptian gas investment
Company says it will provide "thousands" of direct and indirect jobs during construction of West Nile Delta project
BP has said that it plans to invest around $12bn intp the development of gas resources in Egypt.
The company has signed a deal to develop 5 trillion cubic feet (ft3) of gas and 55 million barrels (mmbls) of condensate in the West Nile Delta.
In a statement, BP said that the scale of investment and activities in this project "are expected to significantly contribute to the growth of petroleum-related industries" in the country. It will lead the partnership in charge of the development and have a 65% stake, with its local partner retaining 35%.
It added that it expects to create "thousands" of direct and indirect job opportunities during the project's construction phase, and that it will work to develop local capabilities through training and on-the-job development of local staff.
It will also undertake a social investment programme which will include a number of sustainable development projects.
Its production figure of 1.2bn ft3 per day will also equate to around 15% of Egypt's current supply once gas starts to be produced in 2017.
Bob Dudley, BP Group chief executive said: "BP is proud of its record in Egypt over the past 50 years and we are looking forward to many more years in the country. 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."
The announcement came ahead of a major investment conference which is due to take place in Sharm El Sheikh later this week.