Petroleum Minister Sherif Ismail has amended two agreements with the British BP and the German RWE Dea companies for the development of the North Alexandria and West Mediterranean deepwater gas fields.
“This mega-project will increase the production to meet local needs,” the minister said, explaining that the project produces 1.2 billion cubic feet of gas per day, which amounts to 25 percent of Egypt's total production.
The two companies are investing more than US$12 billion in this project, scheduled to begin production in 2017. The project's first phase produces five trillion cubic feet of natural gas and 55 million barrels of condensates.
