BP and partners to invest $12bn in Egypt Gas deal

LONDON: British oil major BP expects to invest around $12 billion with its partners as part of a finalised West Nile Delta deal to develop 5 trillion cubic feet of gas resources and 55 million barrels of condensates.

BP said production from the project was expected to reach up to 1.2 billion cubic feet a day, equivalent to about 25 percent of Egypt's current gas production.

BP said it had about 65 percent equity in the project partnership. Production is expected to start in 2017.