British oil giant BP and partners have discovered an estimated 500 billion cubic feet (15 billion cubic metres) of further gas reserves beneath the Mediterranean off the coast of Egypt, BP Egypt said Friday, July 13, in a statement.
The discovery was made in the North Alexandria Concession Area under 450 meters (1,500 feet) of water around 40 kilometers (25 miles) from the coast where BP Egypt holds 60 percent of the concession with German company RWE-DEA which holds 40 percent, the statement said.
It was the fifth discovery in two years by the British oil firm in the area where reserves of over two trillion cubic feet (60 billion cubic meters) of gas have been found so far.
The British oil firm also has a deal with the state-owned Egyptian General Petroleum Corp. and Italian energy group ENI to build a liquefied natural gas terminal on Egypt's Mediterranean coast. — (AFP)
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