BP plans to invest more than US$12bn in Egypt over the next five years and double its gas supplies to the North African nation in the next decade, according to the British explorer executive
BP Egypt manager Hesham Mekawi said, “BP is committed to unlock Egypt’s oil and gas potential and gradually double its gas supply during this decade. This will be achieved by injecting more than US$12bn in the next five years.”
According to Reuters, most international energy firms had entered Egypt to develop energy for export, but as consumption increased and production decreased, the government diverted energy supplies to the domestic market, hurting companies’ profits.
Egypt also planned to repay all its US$4.9bn debt to foreign oil and gas companies within six months, the Egyptian Oil Ministry said in November, a move it hoped would prompt them to boost exploration.
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