BP invites int’l petroleum companies to invest in Egypt

CAIRO – 13 February 2018: Britain Petroleum (BP) Chief Executive Bob Dudley has invited international petroleum companies to invest in Egypt, describing investment in Egypt as a guaranteed success.

Dudley said that his company has invested in Egypt more than any other country, referring to the success of its projects in Egypt, as it is a good and promising market.

The chief executive added that the achieved successes in Egypt confirmed their decision to invest in the country.

Meanwhile, Eni Chief Executive Claudio Descalzi confirmed that his company has been operating in Egypt for more than 50 years.

Descalzi added that their experience in the Zohr field reflected a successful partnership with the Egyptian government, which supported the start of their work to achieve common interests.

This came during the second day of Egypt Petroleum Show (EGYPS) 2018.

President Abdel Fatah al-Sisi inaugurated the second edition of EGYPS 2018 on Monday.

EGYPS 2018, taking place from February 12 to 14, 2018, aims to bring together the region’s key stakeholders shaping the energy industry’s future, noted the event organizer, dmg Global Energy, in a statement.

BP holds 100 percent interest in the Atoll concession, and the company announced that the project was delivered seven months ahead of schedule and 33 percent below the initial cost estimate.

The project in the East Nile Delta is pumping out 350 million cubic feet of gas per day (mmscfd) and 10,000 barrels per day (bpd) of condensate.

Zohr is the largest natural gas field in the Mediterranean. Its discovery in 2015 nearly doubled Egypt's reserves.