Egypt: 11 billion dollars for extraction project of natural gas

A recently concluded meeting between Egypt’s president, some government officials and delegates from the British Petroleum on an extraction project of natural gas from a deep water deposit in the Mediterranean basin at a depth of 7,700 meters calls for an investment of billions of dollars.
11 billion dollars will be invested by BP in the project which is expected to be accomplished in 2016 or 2017. President Mursi assured them of protecting their investments. Exploration will begin next year and Egypt will be benefitting from cheap gas when sales begin. It will be paying for only 40% of the price of the extracted natural gas.
Petroleum Minister, Osama Kamal, said that the British company was already a digging at a depth of 7,700 meters in the Mediterranean Sea to extract a billion square foot of natural gas daily or 20% of Egypt’s total energy productivity.
Chief Executive, Robert Dudley, said the project will offer 5,000 job opportunities and is expected to produce 40% of Egypt’s natural gas production if the well is productive. It will also be a major source for Egypt too which still holds the continents third largest gas reserves. British Petroleum also had discussions with the Prime Minister, Gan Diller, over the developments of vast areas of gas fields elsewhere.
The new Egyptian government has embarked on a massive campaign to attract investment into the country after the political turmoil and the waves of public frustrations scared away potential foreign investors. Egypt needs $43.7 billion in investment for its ailing economy.