BP To Pour $11B Into Egyptian Natural Gas Project

Law360, New York (September 4, 2012, 4:08 PM EDT) -- BP PLC is set to invest $11 billion in a natural gas project aimed at tapping into deepwater reserves in the Mediterranean Sea, Egypt's state information service reported Tuesday, adding to the energy giant's foothold in the little-explored region.

The British company's efforts target natural gas reserves locked in a deposit more than 25,000 feet below the sea's surface, according to the state-run source. BP began the initial well-digging phase on Aug. 18 and expects to start exploration next year, the service reported, an effort that...
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