Huge O&G Investments during Egypt Conference

The Egypt Economic Development Conference (EEDC) that took place last week in Sharm El Sheikh saw investors taking active steps to invest in Egypt economy. The agreements and MOU's that were signed added to a few Billions as detailed below:

BP Makes New Major Discovery & Plans $12b Investment in Egypt:
BP has signed the final agreements of the West Nile Delta project to develop 5 trillion cubic feet (tcf) of gas resources and 55 million barrels (mmbbls) of condensates with an estimated investment of around $12 billion by BP and its partner. BP Egypt declared a new important gas discovery in the North Damietta Offshore Concession in the East Nile Delta.

Eni Signs $5b Heads of Agreement with Egypt:
The Egyptian Minister of Petroleum and Mineral Resources, Sherif Ismail, signed with Eni’s CEO, Claudio Descalzi, a Head of Agreement aimed at the development of the oil and gas resources of the Country while preserving the return of Eni’s investments.

BG to Invest $4bn in Egypt over Two Years:
The Egyptian General Petroleum Corporation (EGPC) and the Egyptian Natural Gas Holding Company (EGAS) signed a Heads of Agreement to continue the development of their joint gas interests in the Nile Delta, offshore Egypt at potential investments of $ 4 billion.

Dana Gas to Invest $350m in Egypt:
Dana Gas will invest $350 million in Egypt over the next 30 months. The investments include drilling nearly 40 new development wells, a similar number of walkovers on existing wells, building new pipelines and removing bottle necks in an existing plant.

For more information about related Opportunities and Key Players visit Egypt Oil and Gas Projects