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BP Will Invest $11 Billion in Egypt

Source: www.gulfoilandgas.com 9/4/2012, Location: Africa

President Mohamed Morsi met on Monday 3/9/2012 with British Petroleum (BP) Chief Executive Robert Dudley for talks on a project to produce natural gas through investments worth 11 billion dollars.

The meeting was attended by Prime Minister Hisham Qandil, Petroleum Minister Osama Kamal and General Manager of BP Egypt Hesham Mekawi. In statements following the meeting, the Petroleum Minister said the project aims to extract natural gas from the Mediterranean Sea at a depth of 7,700 meters.

BP is currently digging at a depth of 7,700 meters in the Mediterranean Sea to extract one billion square foot of natural gas daily or 20% of Egypt's total energy productivity, said Petroleum Minister Osama Kamal. The project is expected to be fully carried out in four or five years, he said.

President Mohamed Morsi's meeting with the BP delegation underlined the Egyptian government's protection of investments, he noted. Egypt will get the extracted natural gas for 40% of its prices, he said.

For his part, (BP) Chief Executive Robert Dudley said the project will offer 5,000 job opportunities and is expected to produce 40% of Egypt's natural gas production.

BP started on August 18 to dig the well and would start exploration work next year, he said, adding if the well was proven to be productive, it would be a major source for Egypt.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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