BP to Start Egyptian Gas Project

BP will begin works on a deep-water natural gas production project in Egypt's Mediterranean basin next week.

A report in Al-Ahram's Arabic news website suggested that the British energy company will invest $10 billion in Egypt over the coming five years. The project will contribute 20 per cent to Egypt's natural gas production, Ahram said.

Last week, BP announced discovery of two new gas fields in Egypt’s Nile Delta. They marked the fourth and fifth discoveries made by BP in the concession, following Satis-1 and Satis-3 Oligocene deep discoveries and Salmon-1 shallow Pleistocene discovery. 

Egypt's proven gas reserves sit at 77 trillion cubic feet (Tcf), an increase from 2010 estimates of 58.5 Tcf and the third highest in Africa, after Nigeria and Algeria, according to the US Energy Information Administration.