British Firm to Invest $400 mn in Egyptian Gas Fields

A British company is likely to invest about $400 million to develop the Rashid and Burollus fields.

Mohamed El Masry, president of Rashid Petroleum, which operates the gas fields, stated that the investment will increase production from 400 to 450 million cubic feet of natural gas per day, reported Egypt’s State Information Service (SIS) on Saturday.

El Masry did not reveal the name of the company.

However, local newspaper Daily News Egypt, quoting the official spokesman of the Ministry of Petroleum Hamdy Abdel Aziz, reported that the investing company would be British Gas (BG Group).

According to Daily News, with addition of new wells in the Rashid and Burollus fields last week, Rashid Petroleum’s production rate in the area has increased to 1.5 billion cubic feet of gas per day, which represents a quarter of gas production in Egypt.