• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 2 hours Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 2 hours Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 10 hours Climate Change Consensus Shifts in Wind, But Gas Is Still the Right Move
  • 11 hours World oil demand will keep growing until 2030, climate-damaging emissions longer, says IEA
  • 7 mins EU has already lost the Trump vs. EU Trade War
  • 5 hours Iran Finds New Oil Field With Over 50 Billion Barrels: Rouhani
  • 3 hours Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 2 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 2 hours Trump On Farage's Radio Show ...
  • 1 hour Does .001 of Atmosphere Control Earth's Climate?!
  • 6 hours Iran's Master Plan?
  • 8 mins China's Renewables Boom Hits the Wall
  • 5 hours Saudi Aramco IPO Will Not Save Kingdom

Breaking News:

Oil Rebounds On Surprise Crude Draw

Endless Economic Wars: A Major Threat For U.S. Oil Exports

Endless Economic Wars: A Major Threat For U.S. Oil Exports

The recently imposed Chinese tariffs…

The One Factor Driving Today’s Oil Markets

The One Factor Driving Today’s Oil Markets

The trade war appears to…

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

Natural gas Egypt

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

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play