Friday , January 15 2021

BP invested more money in Egypt than elsewhere in the past 2 years

BP's Dudley praised the "strong set of reforms" that had been implemented in Egypt in recent years.

"We've seen this big change over the last four or five years that have fundamentally changed things. You go back five or seven, eight years ago, and electricity wasn't even secured every day, and now the infrastructure is here. .. You "Really see Egypt moving from a producing country to someone who also begins to export energy and become a Mediterranean hub, it is very exciting."

BP announced the first gas production from the second phase of its major gas business in Egypt, the West Nile Delta development, Monday.

Step 1 of the project, which began producing in 2017, included gas production from the first two fields, Taurus and Libra. The second phase of the project – the development of Giza and Fayoum – includes eight wells and currently produces about 400 million cubic meters of gas per day. Day (mmscfd) and is expected to run up to a maximum speed of approx. 700 mmscfd. The third phase of the West Nile Delta project will develop the Raven field and production is expected at the end of 2019, BP said in a statement Monday.

When fully upgraded in 2019, combined production from all three phases of the West Nile Delta project is expected to reach nearly $ 1.4 billion. Cubic feet per Day (bcf / d) corresponding to about 20 percent of Egypt's current gas production. All the gas produced will be fed into the national gas network. BP has a 82.75 percent operating share in the development, the company noted.

Asked how much BP could use in Egypt in 2019, Dudley said the amount would be substantial. "There will be a third stage we are spending on, we are exploring today with other companies … (So we will spend) $ 1.8 billion give or take. That's a lot," he said.

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