BP has announced plans to invest more than $12bn in Egypt over the next five years, the country manager of BP Egypt said on Tuesday.
According to Reuters, the British oil major will also aim to double gas supplies to the local market in the next decade.
“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 $12bn in the next five years, Hesham Mekawi told an energy conference in Alexandria, referring to a project to develop the West Nile Delta.
Most international energy firms entered the North African country to extract oil and gas for export, but the government has diverted supplies to the domestic market as consumption outpaced production and caused a major energy crunch.
Egypt has a $4.9bn debt to foreign oil and gas companies, which it has vowed to repay within six months.
