BP investments in Egypt hit $ 12 billion

Minister of Petroleum Sameh Fahmi said that Egypt has all elements of attraction for investments in oil and natural gas exploration and drilling.

He underlined an increase in European investments, specially the British. Director of British Petroleum (BP) branch in Egypt, Hisham Mekawi said that BP investments in Egypt hit $ 12 billion.

The BP daily output represents 40% of Egyptian oil and 20% of natural gas daily output.

Mekawi added that some $ 450 million were allocated to maintain the current output of crude oil at Suez Gulf concession area according to an agreement signed with the Petroleum sector.

He added that BP has won several concession areas for prospecting for oil in Egypt through an international tender.

The company is also preparing new finds for production.