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

BP’s Dudley praised the “strong set of reforms” that will had been implemented in Egypt in recent years.

“We’ve seen that will big change over the last four or 5 years that will has fundamentally changed things. You go back, 5 or seven, eight years ago along with also electricity wasn’t even assured each day along with also right now the infrastructure’s here … You’re actually seeing Egypt move through a producing country into one that will’s going to begin to export energy as well along with also become a Mediterranean hub, the item’s very exciting.”

BP announced the first gas production through the second stage of its large gas venture in Egypt, the West Nile Delta development, on Monday.

Stage one of the project, which began producing in 2017, included gas production through the first two fields, Taurus along with also Libra. The second phase of the project — the Giza along with also Fayoum development — includes eight wells along with also is usually currently producing around 400 million cubic feet of gas per day (mmscfd) along with also is usually anticipated to ramp up to a maximum rate of approximately 700 mmscfd. The third stage of the West Nile Delta project will develop the Raven field along with also production is usually expected in late 2019, BP said in a statement Monday.

When fully onstream in 2019, combined production through all three phases of the West Nile Delta project is usually anticipated to reach up to almost 1.4 billion cubic feet per day (bcf/d), equivalent to about 20 percent of Egypt’s current gas production. All the gas produced will be fed into the national gas grid. BP has an operating stake of 82.75 percent inside the development, the company noted.

Asked how much BP could spend in Egypt in 2019, Dudley said the amount might be significant. “There will be a third phase we’re spending on, we’re exploring today with additional companies … (So we’ll be spending) $1.8 billion give or take. that will’s a lot,” he said.