This comes in light of maximizing the use of land and maritime facilities established to accelerate development and production plans to meet the growing demand of the local market, and to support the state’s efforts to export surplus energy, according to statements by the CEO of British Petroleum, Murray Auchincloss.
BP’s CEO, Mr. Looney, lauded President El-Sisi’s wise leadership and ambitious vision, which have led Egypt to become a successful economic and developmental model, at both the regional and international levels.
He pointed out to recent agreements signed with a number of major international companies with the aim of flourishing the oil sector and adding new reserves to Egypt's mineral wealth.
The Kattameya field is located in the North Damietta offshore concession area.
President Abdel Fattah El Sisi met on Tuesday with CEO of British Petroleum (BP) company Bernard Looney on the sidelines of Egypt Petroleum Show "EGYPS 2020".
The meeting took up the company's activities in Egypt and the development of new gas projects as well as present and future plans.
With a $1.8 billion investment from British Petroleum (BP), the country’s gas output is expected to reach peak production in 2019.
BP and UAE-based Mubadala Investment Co are to buy stakes in the Nour deepwater gas concession off the northern coast of Sinai.
The meeting came as part of talks that kicked off in February in London to follow up underway efforts and steps to turn Egypt into a regional energy hub.
BP’s West Nile Delta project is expected to provide 25 percent of Egypt’s local gas needs after adding all the project’s fields in production.
Egypt's natural gas reserves in the Mediterranean and the Nile Delta reach about 122 trillion cubic feet of natural gas.
Gas consumption of power plants increased to 4.1 billion cubic feet of gas per day (cf/d) in July, compared to 3.8 billion cf/d last month.
Egypt has started to reap the fruits of investments injected into its oil sector during the last three years, with the British Petroleum (BP)-operated Taurus/Libra gas fields, known as the West Nile Delta project, being connected to the national natural g