BP Egypt Announces LNG Agreement

Source: www.oilegypt.com 7/5/2004, Location: Africa

BP Egypt announced that it has signed an agreement with Egyptian General Petroleum Corporation (EGPC) and Egyptian Natural Gas Holding Company (EGAS) to supply natural gas to the Damietta LNG Plant and that its affiliate, BP Gas Marketing Ltd (BPGM) has signed an agreement to purchase LNG under a long-term contract from EGAS.

BP Egypt and upstream partner IEOC, a subsidiary of Italy's ENI, will deliver up to 310 million standard cubic feet a day (mmscfd) of natural gas to the LNG plant starting from 2008. In parallel, BPGM is expected to lift its share of LNG from 2005 when the Damietta LNG plant is expected to start commercial production.

Commenting on this deal, Hesham Mekawi, BP Egypt Chairman, stated: "This is a huge achievement by all parties and should allow the early development of BP's recent gas discoveries with its partners in the East Nile Delta. The agreements should help to secure continued growth in Egypt's upstream industry where BP has invested close to $14 billion over the past forty years."

Doug Rotenberg, BP Business Unit Leader for Global LNG commented: "We are extremely pleased with the LNG purchasing agreement, as we believe it should pave the way to further strengthen our relationship with EGAS and should place BP in the first phase of Egyptian LNG exports. Our commitment reflects the confidence in the competitiveness of Egyptian LNG for both European and US markets and we see this as a strong beginning to a long-term supply relationship with EGAS for our rapidly growing Atlantic Basin market portfolio."



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