Middle East

BP invests in two blocks in Egypt

Cairo: British Petroleum (BP) has been awarded two new exploration blocks in Egypt with a total investment of $240m.

The deal includes rights to the North El Mataria (Block 3) in the northeastern Nile Delta in which BP will hold 50% equity and Dana Gas will hold the remaining 50%, and the Karawan offshore block (Block 8) in the Mediterranean Sea, which will be operated by BP and ENI with  50:50 equity split.

Earlier this year, the company said it planned to invest $1.5bn this year to increase its production of natural gas in Egypt as the country had suffered an energy shortage in the past three years. [05/11/14]

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