British Petroleum to Start Investing in Egyptian Gas Project in 2015

BP Group CEO Robert Dudley said that world's leading energy giant British Petroleum will start investing in a major Egyptian gas project in 2015.

HOUSTON (Sputnik) — World's leading energy giant British Petroleum will start investing into major Egyptian gas project in 2015, BP Group CEO Robert Dudley said at an international energy conference in Houston,Texas.

“The investment will start this year, and will bring on new gas…it could be as early as 2017,” Dudley announced on Tuesday. “We should be reaching peak production in 2019, and will then supply around 30 percent of the country’s gas needs and products.”

In March 2014, the Egyptian government and BP signed a $12-billion deal on extraction of gas recently discovered in the Nile Delta.

Dudley noted that in the last six months Egypt cut through all of the red tape that is holding up the project.

“It is a commitment by its [Egyptian] government to move forward,” he explained. “The country needs every molecule of energy it can get. So, developing gas projects for the Egyptian market can be competitive, and can bring it into a market that is hungry for it.”

The CEO added that BP has been operating in Egypt for 50 years through all the ups and downs and recent revolutions, and is very comfortable working in the country.