28769
BP to Operate in Alexandria
Energy

BP to Operate in Alexandria

British oil major BP will begin gas production at its north Alexandria concession in early 2017 rather than mid-2017, Egypt's Petroleum Minister Tarek El Molla said at a news conference on Saturday. The offshore concession's output will be roughly 12.7 million cubic meters per day in 2017 and reach 33 mcm a day by the end of 2019, El Molla was quoted as saying by Reuters. These volumes will mean a significant boost to gas production in Egypt, a country that has been searching for ways to plug acute energy shortages that have slowed production at many of the country's energy-intensive industries. BP also said this week it had been awarded three new offshore exploration blocks in Egypt and that it and its partners had committed to investment of $229 million. Egyptian authorities have in recent months worked to improve terms for foreign oil and gas businesses in the hope that more competitive pricing will encourage investment in the energy-hungry country. Once an energy exporter, falling oil and gas production, coupled with rising consumption, has forced Egypt to divert supplies to the domestic market and it is now a net energy importer.

 

Short URL : https://goo.gl/Yg8bDX
  1. http://goo.gl/xUTgEi
  • https://goo.gl/No9lhM
  • https://goo.gl/cClOV6
  • https://goo.gl/q5xFTl
  • https://goo.gl/DYJkXr

You can also read ...

OPEC Lack of Power Now More Obvious
OPEC is dying. President Donald Trump will probably rejoice....
Zanganeh Hopes OPEC Will Not Follow US Diktat
Iran Oil Minister Bijan Zanganeh said on Sunday he hoped...
Gasoline Refinery in South Iran Aims to Raise Production to 40 mld
Gasoline production at the Persian Gulf Star Refinery will...
Dams Aplenty But No Water
Water in dams surrounding the capital in the last water year (...

Trending

Googleplus