Egypt’s Prime Minister Dr. Essam Sharaf met with BG Group Chief Executive Sir Frank Chapman. Also attending the meeting was BG Group Executive Vice President and Managing Director for Africa, Middle East and Asia Sami Iskander and BG Egypt President Arshad Sufi.
Sir Frank reviewed with Dr. Sharaf BG Group’s current and future activities in Egypt, and informed his Excellency of BG Group long term commitment to investment in Egypt, a key part of BG Group global portfolio.
Sir Frank also reviewed BG Group plans to invest in a number of development and exploration activities in Egypt during 2011, including Phase 8b, a development project targeting the West Delta Deep Marine Concession offshore the Nile Delta. This latest development phase will bring onstream seven additional wells thus increasing the country’s gas output and ensuring BG Egypt continues to meet its contracted gas commitments.
Sir Frank also highlighted BG Group’s understanding of Egypt’s need for energy to fuel growth, and pointed out that BG Group understands the importance of continued investment in Egypt’s energy sector. He explained to his Excellency the Group’s strategy of developing the producing concessions sustainably to ensure continued production from the fields. In 2010 and 2011 BG Group has, with its partners, invested in West Delta Deep Marine development Phases 7 & 8a.
In over 22 years of working in the country, BG Group has invested with its partners over US$ 10 billion in Egypt’s energy sector, and has over the years proven its commitment to long-term investment in Egypt, making it one of the country’s largest foreign investors.
The country’s biggest gas producer and accounting for over one third of Egypt’s gas production, BG Group also has hopes for success in its exploration activities, and plans to drill further wells in its exploration Concessions El Manzala Offshore and El Burg Offshore in 2011 and 2012. In October 2010, BG Egypt had carried a 3D Seismic survey over its third exploration concession, North Gamasa Offshore.
Commenting on the visit, Regional EVP Sami Iskander said: “It was an honour to meet his Excellency Dr. Sharaf. The purpose of our meeting today was to reflect our commitment to long term investment in Egypt. We are working with the Government of Egypt to ensure necessary investment at this point in Egypt’s history, and we understand the importance of upholding the country’s energy security and ensuring continued flow of Foreign Direct Investment.”
Also commenting on the visit, BG Egypt President Arshad Sufi added that in all its activities, the company works on ensuring that our continued partnership in Egypt benefits the people and communities on an enduring basis.