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Wednesday, 12 September 2018

BP to invest USD 2 bn in Egypt next year

INVESTMENT WATCH- BP to invest USD 2 bn in Egypt next year: BP is planning to invest USD 2 bn in Egypt in 2019, BP North Africa Regional President Hesham Mekawi tells Al Shorouk in an interview. BP Group CEO Bob Dudley had said back in February that the firm was investing USD 1 bn in 2018. Mekawi suggested that BP invested a total of USD 2.5 bn in Egypt in 2018, down from around USD 4 bn in 2017. Investments this year and next year would go towards bringing a number of wells into production, upgrading facilities, as well as redoubling exploration efforts. BP is currently looking to bring phase two of its West Nile concessions in Fayoum and Giza to production before the end of the year. Production at Raven field should begin in 2019, bringing total production from the phases one and two of the West Nile Delta concessions to 1 bcf/d.

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