Egypt’s Prime Minister, Sherif Ismail, received British Petroleum’s (BP) CEO Production, Bernard Looney, and Regional President of BP North Africa, Hesham Mekawi, in the presence of the Egyptian Minister of Petroleum, Tarek El Molla, in April, to discuss the company’s growing activities in the oil and gas industry in the country, Al Mal News informed.
During the meeting, the prime minister praised BP’s projects currently underway which meet the local market needs and help save hard currencies by reducing imports.
On his part, Bernard Looney explained that BP has a long history of distinct partnership with Egypt, spanning more than 50 years. He said that the company’s total investment to date exceeds $25b, noting that 40% of Egypt’s production of hydrocarbons are from the company’s operations in the Gulf of Suez and Western Sahara, in addition to its work in the waters of the Mediterranean. The largest gas production in the Mediterranean is being implemented at a total investment of the $12b. Production rates reach about 1.2bcf/d of gas / day, BP CEO added.
Looney further stressed that the company will double the size of its business in Egypt by 2020, making Egypt its largest recipient of investments in the world.