Britain’s BP seeks to double the natural gas production in Egypt in the next four years even as crude oil prices hit a 12-year low
According a report by Reuters, the factors for this include Egypt’s current high in the oil and gas production industry. While firms worldwide scale back on projects involving fuel trades, Egypt has been aggressively signing exploration contracts, renegotiating the production prices and lobbying companies to speed up projects.
BP is currently the producer of 10 per cent of Egypt’s oil production and 30 per cent of its gas.
In an interview with Reuters, BP North Africa regional president Hesham Mekawi said, “BP’s plan is to double our gas production in Egypt, before the end of this decade.”
There is speculation that BP’s efforts could help close Egypt’s energy gap as consumption has ballooned and production declined.
