CAIRO: The Egyptian government inked energy deals and Memorandums of Understanding worth more than $40 billion with international companies including many from the Gulf.
British Petroleum committed to investing $12 billion over four years to develop gas resources and condensates in the West Nile Delta.
The project is scheduled to start in 2017 while production from is expected to reach about 25 percent of Egypt’s current gas production. Italian oil company Eni signed heads of agreements worth $5 billion in several gas discoveries over 4-5 years. The deal will be finalised within six weeks.
BG will sign a $4 billion agreement with Egypt on Sunday to develop natural gas fields in the Mediterranean over two years. Another $350 million gas deal was announced by the UAE’s Dana Gas, which involves the drilling of nearly 40 new development wells, a similar number of workovers on existing wells, building new pipelines and debottlenecking an existing plant over the next 30 months, Patrick Allman-Ward, CEO of Dana Gas told Reuters.
