BP goes ahead with Egypt gas development
The development will increase the country's gas production by a quarter
In an agreement seen as marking a turning-point for Egypt's troubled gas operators, BP is to develop deep-water fields which will raise the country's gas production by 25%. The $12 billion investment is the first project to go ahead since the government started repaying its debts to producing companies last year. The agreement covers the West Nile Delta project, under which 142bn cubic metres (cm) of gas and 55m barrels of condensates will be developed to flow 12.4bn cm/y, all to be used in the gas-short country's domestic market. Production is due to start in 2017. BP's partner in the development will be DEA, formerly a part of Germany's RWE but since early-March owned by LetterOne, a Lux
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