British Petroleum (BP) will start investing in a gas project in Egypt’s Nile Delta this year, Sputnik News quoted Group CEO Robert Dudley as saying.
“The investment will start this year, and will bring on new gas…it could be as early as 2017,” Dudley announced on Tuesday at an energy conference in Houston, Texas. “We should be reaching peak production in 2019, and will then supply around 30 percent of the country’s gas needs and products.”
In March this year, BP announced that it has signed the final agreements of the West Nile Delta (WND) project to develop 5 trillion cubic feet (tcf) of gas resources and 55 million barrels (mmbbls) of condensates.
Estimated total investment would be around $12 billion by BP and its partner.
Dudley noted that in the last six months Egypt cut through all of the red tape that is holding up the project, Sputnik reported.
Source: Sputnik News