BP Crude Oil News

BP decided mid-July to take action on there exploration assets in Egypt by signing an agreement to invest $9 million in gas exploration. The agreement became official when Egyptian Prime Minister Ahmed Nazif met Tony Hayward of BP in Cairo. Also in attendance was Minister Fahmi.

Upon the singing of the agreement, BP looks to explore oil and natural gas up to the next 5 years which will in turn increasingly improve relations between BP and Egypt.

In addition to investments for exploration, BP and Egypt also reached an agreement with Germany’s RWI. The investments with RWI are aimed to escalate up to $9 billion in off-shore drilling for oil and gas targeting the production of 900 million cubic feet of gas and 10000 barrels of condensates per day as of 2014.

Throughout the signings of there perspective agreements Egypt expressed there excitement about making themselves open to further foreign trade. Furthermore, the order and flexibility of there perspective agreements will invite further relations with foreign partners.