Egypt Strikes $12 Billion Energy Deal with BP

JOHANNESBURG--March 17, 2015--Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--An energy deal worth $12 billion has been signed by Egyptian Petroleum Minister Sherif Ismail and BP plc (NYSE:BP) (London, England). BP will develop 5 trillion cubic feet of gas and 55 million barrels of condensates in the West Nile Delta area. Production is expected to reach up to 1.2 billion cubic feet per day (bcf/d), equivalent to about 25% of Egypt's gas production.

Within this article: Information regarding a new production deal between Egypt and BP.