BP inks US$12bil energy deal

The agreement will include a West Nile Delta project, exploration and resource appraisal activities, East Nile Delta operations and operations in the Gulf of Suez. — AFP

SHARM EL-SHEIKH, Egypt: Oil company BP has signed an agreement to invest US$12bil in Egypt that will produce three billion barrels of oil equivalent, a joint statement from the company and the government said.

The deal, finalised at an international investment conference in the Sharm El-Sheikh resort, will help Egypt as it tackles its worst energy crisis in decades.