British Gas, Petronas, Gaz De France to Invest $700mn in Egypt

Egypt signed on Thursday a new oil and gas exploration agreement with British Gas, Malaysia’s Petronas, and Gaz de France (GDF), with investments of US$700 million.

Egypt’s Oil Minister Sherif Ismail had witnessed the signing ceremony between the state-owned entities, the Egyptian General Petroleum Corporation (EGPC) and the Egyptian Natural Gas Holding Company (EGAS) with British Gas, Malaysia’s Petronas, as well as Gaz de France (GDF).

According to the Egyptian minister, the new agreement aims to connect GDF’s West Borollos field to the West Delta Processing Plant immediately upon signing the contract with BG.

As pursuant to the agreement, GDF plans to add 100 million cubic feet of gas per day to production from the West Borollos field by 2018.