NEW YORK (
reported a "significant" gas discovery in Egypt, in the Deepwater West Nile Delta area.
BP operates and holds 80% of the West Mediterranean Deepwater concession with German international oil and gas company
holding the remaining 20%.
Mike Daly, executive v.p. of exploration at BP, said in a release about the gas find, "The Hodoa discovery further demonstrates the great potential of the deep reservoirs in the Nile Delta."
Hesham Mekawi, president of BP Egypt, added: "This discovery further reinforces the leadership role played by BP in Egypt and its ongoing commitment towards the development of Egypt's future gas business."
BP is the largest foreign investor in Egypt's energy market. BP and its partners currently produce 40% of Egypt's oil production and close to 35% of the domestic gas demand in Egypt.
The West Nile Delta gas fields were highlighted by BP for project startup activity in the period between 2012 and 2015 in its investor presentation last March. West Nile Delta gas exploration was also among the major investment areas for BP in 2010.
In other natural gas-related BP news this week, its massive energy joint venture in Russia, TNK-BP, said on Monday that it planned to double natural gas production in the next 10 years.
BP shares were up 1% on Wednesday morning, in line with the energy sector performance.
-- Written by Eric Rosenbaum from New York.
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