British Petroleum (BP) revealed its plan to increase its investments in Egypt to $20 billion, as it announced its intention to invest around $5 billion in the local oil industry over the coming five years making the company the largest foreign investor in Egypt, reported the Daily Star.
Hisham Mekkawy, the general manager of BP declared this announcement during a meeting of the energy committee at the Egyptian Young Businessmen Association in Cairo.
“After 43 years of operation in the Egyptian energy industry, BP is now responsible for more than 40% of the country’s total oil production,” Mekkawy said.
The $5 billion will be directed to gas exploration and development of recent discoveries in the Eastern Delta region in order to increase the company’s market share, asserted Mekkawy.
BP Egypt produces around 100,000 bpd and 30% of domestic natural gas consumption. The Gulf of Suez and Western Desert are the points of concentration for the company’s oil fields.