BG to Invest $250 Million in Egypt Licenses

BG Group Plc plans to invest $250 million in drilling three exploratory wells in offshore concessions this year and in 2012, Egypt’s Petroleum Ministry said in a faxed statement today, citing a company manager.

BG Group plans to drill two wells for $50 million in the El Manzala block this year and a well at a cost of $200 million in El Burg before the end of next year, the Ministry said, citing Sami Iskander, BG’s executive vice president and managing director for Africa, Middle East and Asia. The Reading, England- based company produces over 35 percent of Egypt’s total gas.

Egypt holds Africa’s sixth-largest crude oil reserves, with 4.4 billion barrels, and the continent’s third-biggest gas reserves, with 78 trillion cubic feet (2.21 trillion cubic meters), according to data from BP Plc. Its daily production is around 700,000 barrels of crude and condensate and 6.3 billion cubic feet of gas, according to Oil Ministry documents.

(Source: Bloomberg)


Welcome! Login in to your account

Remember me Lost your password?

Don't have account. Register

Lost Password