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Breaking News:

Oil Climbs On Major Crude Draw

Egyptian Oil & Gas Is BP’s Top Investment Destination Again

Oil and gas supermajor BP invested more in Egypt in each of the past two years than in any other country, BP’s chief executive officer Bob Dudley said at an energy forum in Cairo on Monday.

“For the last two years in a row we’ve invested more money in Egypt than in any other country. So this is a deep, deep commitment to Egypt,” Reuters quoted Dudley as saying at the event.

At the end of last year, Dudley told The National in an interview that BP had spent in the last two years US$6.8 billion in Egypt’s oil and gas, adding that the company had plans to boost investments in projects in other countries in the Middle East, including Oman and the United Arab Emirates (UAE).

In December 2018, BP said that it had agreed to buy from Italy’s Eni a 25-percent participating interest in the Nour North Sinai concession area offshore Egypt.

Today, BP announced first gas production from the second stage of its West Nile Delta development offshore Egypt—the second major project for the supermajor this year, following the Gulf of Mexico’s Constellation development, in which BP has a 66.6-percent non-operated stake.

The third stage of the West Nile Delta project in Egypt will develop the Raven field, with production expected in late 2019.

Combined full production from all three phases of the West Nile Delta project is expected to reach almost 1.4 billion cubic feet per day (bcf/d), which would be equal to around 20 percent of Egypt’s current gas production. All the gas produced will be fed into the Egyptian national gas grid.

“With the second stage of West Nile Delta now online, BP has now safely brought 21 new upstream major projects into production over the last three years, keeping us on track to deliver 900,000 barrels of oil equivalent per day by 2021,” Bob Dudley said in BP’s statement on Monday.

By Tsvetana Paraskova For Oilprice.com

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