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Mike Daly, BP's Executive Vice President of Exploration said: "The Hodoa discovery further demonstrates the great potential of the deep reservoirs in the Nile Delta." Hesham Mekawi, President and General Manager of BP Egypt, commented: "Hodoa is an important discovery which builds upon BP's previous successes in the West Nile Delta. 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's operations in Egypt span almost 50 years. BP has invested more than $17 billion in Egypt to date, making BP the single largest foreign investor in the country. To date, BP Egypt, in collaboration with the Gulf of Suez Petroleum Company, BP's JV Company with the Egyptian General Petroleum Company, has been responsible for the production of almost 40% of Egypt's entire oil production. In addition, BP Egypt and its partners are currently producing close to 35% of the domestic gas demand. BP has interests in thirteen offshore concessions in the Nile Delta, with operatorship of six.The North Alexandria and West Mediterranean Deepwater concessions are located in the Mediterranean, offshore of the city of Alexandria. BP Egypt has made a number of discoveries in these concessions including the Giza, Taurus, Libra, Fayoum and Ruby in the Pliocene, and the Raven discovery in the deeper Miocene formations. BP press release |
