British energy giant BP said on Friday that it had reached an agreement with its partners to invest around $12 billion on gas fields in Egypt, Reuters reported.
The investment will be on the West Nile Delta (WND) in a project aimed at developing 5 trillion cubic feet of gas resources and 55 million barrels of condensates, according to the report.
BP said that production at the project should begin in 2017 where it is expected to reach up to 1.2 billion cubic feet per day, or equivalent to around 25 percent of Egypt’s current gas production, the report said.
The supply deal will help Egypt as it tackles its worst energy crisis in decades. Rising energy consumption and decreasing production have turned it from a net energy exporter to a net importer in the last few years and caused persistent blackouts, Reuters said.
BP said that it expects to double its current gas supply to Egypt’s domestic market during this decade when the WND project reaches its peak production.
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