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Monday 28th of July 2014
19/7/2010

BP signs major agreement with Egypt

Story link: BP signs major agreement with Egypt by Kay Murchie
BP signs major agreement with Egypt

Beleaguered oil giant BP has received a much-needed boost today after it signed an agreement with Egypt to develop significant gas resources in two offshore fields.

The announcement comes just 24 hours after it emerged that engineers have detected oil seepage, despite an announcement last week that the oil leak had finally been stopped.

Shares fell 5% in early London trading this morning after news of seepage near the well.

Meanwhile, commenting on the agreement, BP chief executive Tony Hayward, said: “BP and the Egyptian General Petroleum Corp. have a long-standing and successful partnership, and the agreement we signed today takes that to a new level in developing these deepwater resources, as well as creating an important source of future growth for BP.”

In a statement, Egypt’s petroleum ministry said the deal would develop five trillion cubic metres of gas from the North Alexandria Deepwater block and the Western Mediterranean block.

The agreement comes just days after US politicians approved a bill that could see BP banned from any new drilling in US waters for 7 years.

Finally, the company today said total clean-up costs relating to the major oil spillage have soared to $3.95 billion (£2.58 billion), up from $3.5 billion just a week ago

 

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