oil-gas

U.K.-based energy company BP has signed agreements worth $12 billion to develop a major gas field in Egypt, which has been trying to attract foreign investment after four years of unrest.

BP said in a statement Friday that the investment is “a vote of confidence in Egypt’s investment climate.”

The West Nile Delta project aims to produce 5 trillion cubic feet of gas and 55 million barrels of condensate. Production is expected to begin in 2017 and reach up to 1.2 billion cubic feet a day, or about 25% of Egypt’s current production.

BP Group Chief Executive Bob Dudley says the project is his company’s “largest foreign direct investment in Egypt.”

The announcement comes days ahead of a major economic conference aimed at boosting foreign investment.

Originally published on Advisor.ca

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