BP has invested more money in Egypt than anywhere else in the last 2 years

BP's Dudley praised "the many reforms" implemented in Egypt in recent years.

"Over the past four or five years, we have witnessed this great change that has fundamentally changed things: five or seven years ago, eight or eight years ago, and electricity has not changed. was not even badured every day and the infrastructure is there … We actually see Egypt leave a producing country to become a country that will start exporting energy and become a hub of the Mediterranean is very exciting. "

BP announced Monday the first gas production of the second stage of its major gas project in Egypt, the development of the West Nile Delta.

The first phase of the project, which began production in 2017, included gas production from the first two fields, Taurus and Libra. The second phase of the project – the Giza and Fayoum development projects – comprises eight wells and currently produces about 400 million cubic feet of gas per day (mmscfd) and is expected to increase to a peak rate of about 700 mmscfd. The third phase of the West Nile Delta project will develop the Raven field and production is expected by the end of 2019, BP said in a statement released on Monday.

When fully operational by 2019, the combined production of the three phases of the West Nile Delta project is expected to reach nearly 1.4 billion cubic feet per day (billion cubic feet per day), which corresponds to about 20% of Egypt's current gas production. All the gas produced will be injected into the national gas network. BP has an 82.75% operating interest in the development, the company noted.

Asked how much BP could spend in Egypt in 2019, Dudley said the amount would be substantial. "We are going to move to a third phase, we are exploring today with other companies … (so we are going to spend about $ 1.8 billion.) That's a lot," she said. he declared.