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BP and partners to invest $12 bln in Egypt Gas deal

Reuters - UK Focus

LONDON, March 6 (Reuters) - British oil major BP expects to invest around $12 billion with its partners as part of a finalised West Nile Delta deal to develop 5 trillion cubic feet of gas resources and 55 million barrels of condensates.

BP said production from the project was expected to reach up to 1.2 billion cubic feet a day, equivalent to about 25 percent of Egypt's current gas production.

BP said it had about 65 percent equity in the project partnership. Production is expected to start in 2017.

(Reporting by Kate Holton; editing by Jason Neely)