BP in US$12 billion natural gas deal with Egypt

London

IN a sign that Egypt's strained relations with the international oil industry may be improving, BP said that it had reached an agreement to invest with a partner about US$12 billion to develop natural gas resources in the country.

The oil company, based in London, said on Friday that it would develop a large quantity of offshore gas, equivalent to about one-quarter of Egypt's output, and bring it onshore to be consumed by customers. Gas from the project, called West Nile Delta, is expected to begin flowing in 2017. BP said that additional exploration might lead to a doubling of the amount of gas available.