BP, RWE, Shell to Spend $950 Million in Egypt
Cairo, Egypt | April 10, 2008 by
BP Plc, RWE AG and Royal Dutch Shell Plc agreed to spend $950 million on oil and gas exploration off Egypt as the nation seeks to ramp up output amid record energy prices, the Egyptian Petroleum Ministry said, as reported by Egyptian media sources.
BP and RWE will explore together in two deep-water areas north of Alexandria and promised to spend $800 million on drilling and surveying. Shell will spend at least $45 million on exploration north of Damietta, the ministry said on its Web site. The three companies will pay the government bonuses totaling $105 million on signing the agreement, it said.
Egypt, Africa’s second-largest gas producer behind Algeria, aims to double its exports of the fuel to 35 billion cubic meters a year by 2011.
Read Also
- Egypt Plans US$6b Oil, Gas Investments
- Egypt explores 14 oil exploration projects
- INTEL, Egypt Sign Deal for Motherboards Factory
- Egypt Moves Ahead on Oil and Gas Industry by Building 2 Billions Refinery Project
- Cooperation of Two D-8 Member States: Turkey will Invest More in Egypt
- Nigerian Global Biofuels announces $750 million investment in sweet sorghum ethanol project
- Husky Energy reaches agreement with CNOOC over Indonesia field
- Egyptian Investment and Industries are Continously Growing
- ADB board to formally approve $500 million loan for Pakistan
- Business Talks Likely to Boost Egypt-Turkey
Loading ...
Loading ...
Share your thoughts on this story. Please increase the credibility of your post by including your name and city, and by demonstrating respect for others' opinions. Comments will not appear immediately; all comments are moderated and will be posted in order of submission.