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Main » 2010 » July » 20 » BP and RWE sign significant offshore gas deal with Egypt
BP and RWE sign significant offshore gas deal with Egypt
5:33 AM
BP signed a major agreement with Egyptian General Petroleum Corp. on Monday to develop two offshore gas fields. This is the largest deal for the beleaguered energy giant since its notorious disaster in the Gulf of Mexico.
Egypt's petroleum ministry said in a statement that the deal would develop five trillion cubic metres of gas from the North Alexandria Deepwater concession and the Western Mediterranean concession. According to the ministry the fields will produce 900 million cubic metres of gas a day starting from 2014. BP said in a statement that the blocks will produce up to one billion cubic metres a day. BP and its German partner RWE will invest the nine billion dollars for the project according to their stakes. BP holds 60 percent of the North Alexandria concession and 80 percent of the West Mediterranean concession. Middle-east-online.com.
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