Egypt oil promising country, BP says

A British firm said it was prepared to expand its operations in Egypt following promising oil discoveries in the Suez Gulf. Ralph Alexander, deputy chairman of British Petroleum (BP), said during a meeting in Cairo yesterday with Prime Minister Atef Ebeid and Minister of Petroleum Sameh Fahmi that his firm has to date invested $ 12 billion in Egypt.

He said BP spent $ 500 million on its operations in Egypt last year and expected to spend another $ 500 million this year.

"Using modern oil exploration technology, employed for the first time in Egypt, BP has discovered 4.3 billion barrels of oil in the Suez Gulf," he added.