BP invested $35 billion in Egypt over five years

Hesham Mekkawi, regional president of BP, North Africa said that the company’s investments have amounted to $35 billion in 5 years in Egypt.

He added that the investors are BP’s activity in Egypt is in the exploration and production of oil and gas, and the company is working to meet the growth of the local market in Egypt by actively exploring the Nile Delta and pumping investments to increase the production of existing discoveries.

He explained that BP outputs 40% of Egypt’s oil production and 10% of the company’s petroleum and condensates in cooperation with the Gulf of Suez Petroleum Company (GUPCO), which is a joint company between BP and the Egyptian General Petroleum Corporation.

He explained that BP is currently producing over 50% of Egypt’s gas via joint companies with EGPC, EGAS, ENI, and the Pharaonic Petroleum Company.

Mekkawi said the West Nile Delta project is a strategic project for BP, in which it owns 75.82%.

Other important projects for BP are the Atoll project, which is being implemented by the Pharaonic Petroleum Company as a joint venture. The project includes development of 42,000nm cubic metres of gas and 31m barrels of condensates.

The Atoll field was placed on the production map early this year, Mekkawi said, adding that production has reached 9.9m cubic metres per day. In 2017, BP bought 10% of ENI’s share in the Shorouk Concession area that includes the Zohr field, which began production in December 2017.

BP owns a stake of 33% of a natural gas liquids plant, which extracts butane and propane through the United Gas Derivatives Company (UGDC) jointly with Eni and GASCO.

Source: Daily News Egypt