BP and Egyptian partners to invest $12B in West Nile Delta gas project

|About: BP p.l.c. (BP)|By:, SA News Editor

BP finalizes a deal to develop Egypt's West Nile Delta project to develop 5T cf of gas resources and 55M barrels of condensates, with an estimated investment of ~$12B by BP and its Egyptian partner.

BP says it expects production from the project, anticipated to start in 2017, will reach up to 1.2B cf/day, equivalent to ~25% of Egypt's current gas production.

Production from BP's Taurus and Libra gas fields will be channeled through BG Group’s (OTCPK:BRGXF, OTCQX:BRGYY) existing offshore pipeline network into the Egyptian grid.

BP has ~65% equity in the project partnership.

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