BP signs major gas deal with Egypt

BP has announced that it has signed a new agreement with the Egyptian Ministry of Petroleum and the Egyptian General Petroleum Corporation to develop the significant hydrocarbon resources in the North Alexandria and West Mediterranean deepwater concessions.

Production from the West Nile Delta development is projected to reach up to 1 billion ft³/d, providing a major new source of gas for the domestic market in Egypt. The first phase will develop an estimated 5 trillion ft³/d and associated condensate through subsea development of five offshore fields into a new purpose built onshore gas plant on Egypt's Mediterranean coast. First gas is expected in late 2014. The new agreement amends the commercial terms and the governance structure for the two concessions located in the West Nile Delta, enabling BP and its partner RWE Dea to proceed with development.

The scale of investment and activities of the West Nile Delta project is expected to create thousands of job opportunities during the different project phases and will significantly contribute to the growth of petroleum related industries in Egypt.

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