UK-based oil and gas company British Petroleum (BP)’s investments so far in the country are exceeding $25 billion, said Hesham Mekawi, BP North Africa Regional President.
This comes after a successful partnership BP has had with Egypt for 50 years, making BP one the largest foreign investors in the country.
BP was awarded on Tuesday two new exploration blocks as a result of state-owned Egyptian Natural Gas Holding Company (EGAS)’s 2013 bid round. BP and its partners have committed to invest a total of $240 million in the blocks over different phases, Mekawi noted.
“BP is proud of the successful partnership it has had with Egypt for 50 years. We look forward to continuing to play a key role in the development of Egypt’s energy sector and maximising the use of our existing resources. Our expertise and latest technologies will be deployed for mutual benefit in these new blocks which we believe have gas-bearing characteristics. Exploring the two blocks will require substantial investments to unlock their potential, and will be done as part of our commitment to meeting Egypt’s energy needs.”
